Highlights

  • Cryptocurrency could be classified as a financial asset as per reports on Bloomberg
  • Policy makers stated certain exceptions to promote the underlying technology of cryptocurrency and its uses may be made

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Crypto Bill: Not a blanket ban, some crypto may be classified as financial assets

Bill seeks to prohibit all private cryptocurrencies except “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Crypto may not see a complete trading ban in India reports Bloomberg quoting unnamed sources. The global business news outlet states that the government is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors in the upcoming bill.

Citing unnamed officials familiar with the regulation, Bloomberg reports that the legislation may stipulate a minimum amount for investments to protect small investors, while banning their use as legal tender.

This would come as a huge relief not just for crypto investors but also the crypto exchanges that have long demanded that the digital tokens be classified as a security or a 'store of value' instead of a currency. The categorisation is critical, as a security the regulation purview would fall under the market regulator SEBI versus the oversight of the central bank who has been extremely critical of the crypto market.

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