India might tighten crypto rules instead of imposing an outright ban, crypto exchange boss says
Summary
India is set to propose a new cryptocurrency bill in parliament, and investors are trying to make sense of what this might mean for the future of virtual coins in South Asias largest economy. A parliamentary bulletin dated Nov. 23 showed that the government plans to introduce a new bill aimed at regulating digital currencies when Parliament begins its winter session starting Monday. Shekhar told CNBC that in the last eight to nine months, the governments stance on cryptocurrencies changed after officials consulted with various stakeholders including crypto exchange operators. In March, India was considering a law that would ban cryptocurrencies, fine anyone trading in the country or even holding such digital assets, Reuters reported, citing a senior government official. Prime Minister Narendra Modi this month gave a keynote address at the Australian Strategic Policy Institutes The Sydney Dialogue where he said all democratic nations must work together on crypto to "ensure it does not end up in wrong hands, which can spoil our youth."