Indian state officials are reportedly no longer keen on banning Bitcoin and a crypto regulatory bill may be up for discussion during the Monsoon Session of Parliament.
The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto.
According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies.
According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class. The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the finance ministry.
These inside sources also claim that Parliament will debate a comprehensive crypto regulatory bill during the Monsoon Session beginning in July. An expert panel created by the finance ministry is reportedly studying protocols for crypto regulation and its finding could form part of the parliamentary deliberations next month.