Bitcoin News; According to various sources, India may finally lift its crypto ban after El Salvador accepts Bitcoin.
Citing various top sources from the Indian crypto industry, The New Indian Express reported that El Salvador’s historical adoption of Bitcoin has led to the government’s characterization of Bitcoin as an asset class in the country.
Indian regulator SEBI to oversee crypto regulation
After the president of El Salvador announced that Bitcoin is legally accepted in the country, the Securities and Exchange Board of India (SEBI) plans to reconsider the current ban on cryptocurrencies and oversee crypto regulation.
Top crypto industry representatives in the country are also discussing the new set of regulatory rules with the local finance ministry, and the ministry is now investigating the matter.
The sources shared that the new bill on crypto regulation is likely to come to Parliament for discussion during the monsoon season.
Recently, the Reserve Bank of India (RBI) has once again banned lenders from working with companies whose business is related to virtual currencies (crypto exchanges) due to the high volatility of cryptocurrencies.
However, El Salvador is legalizing Bitcoin as a means of payment, and other Latin American countries like Mexico to follow suit have Indian regulators consider changing their minds.
Major concerns persist over crypto in India
According to Shakthikanta Das, head of the RBI, major concerns remain regarding cryptocurrencies.
However, the committee working on the new crypto regulatory law aims to “study the overall scenario and take the best step forward.”
Also, recently, Nandan Nilekani, head of Infosys, an IT and consulting giant in India, urged India to legalize crypto as an asset class, a commodity, not as a legal ground (since cryptos are so volatile).