As per the reliable sources, it is believed that India may not ban virtual currencies, instead it can be treated as commodities. Indian finance ministry panel set up to study the virtual currencies and may suggest that they can be treated as commodities.
A senior government official requested not to disclose his identity and told that “I don’t think anyone is really thinking of banning cryptocurrencies altogether, instead the trade regulation issue is being considered. The government is raised concern over the incoming money, which is used for trading”
In the past month, Subhash Chandra Garg, head of the cryptocurrency panel and secretary in the department of economic affairs informed that the draft regulations are likely to be wrapped up in the first fortnight of July.
The task force which was set up in last year, and comprising Ajay Tyagi, chairman of Market Regulator Securities and Exchange Board of India and B.P. Kanungo, deputy governor of the Reserve Bank of India (RBI)
The main concern is to curb money laundering and illegitimate activities, the official said. committee’s most important concern is keeping track of investors and funds to curb money laundering and illegitimate financing, the official said.
The official also said " Many people do trade in stock markets by understanding the risks involved then why cryptocurrency trading is treated as an offence"
Conclusion, by the recent developments its quite evident that cryptocurrencies are here to stay and marching towards its glory.
credit: qz.com
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Thank you dear:)
Everyone knows bitcoin is not ban in India.