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No ban on cryptocurrencies in India

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Nagpur: According to a cabinet report by sources, the central government is not looking to ban the cryptocurrencies in India but rather regulate them as ‘assets.’ It is also said that the country’s market watchdog, Securities and Exchange Board of India also known as SEBI will be regulating them.

The note, according to NDTC, suggests that a cut off date will be laid for those invested in crypto assets to declare their holdings and bring them under crypto exchanges. There are chances that the SEBI would not allow investors to hold such assets on similar trading platforms outside India.

The bill is expected to be tabled in the on-going winter session of parliament. The proposed virtual currency by the Reserve Bank of India (RBI) has not been clubbed with the new crypto bill.

Finance Minister Nirmala Sitharaman earlier said that the government has received no proposal to recognise Bitocin as a currency in the country and also added that the Centre doesn’t collect data on Bitcoin transactions.

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