{"id":192543,"date":"2021-06-10T10:10:32","date_gmt":"2021-06-10T09:10:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=192543"},"modified":"2021-06-10T10:10:32","modified_gmt":"2021-06-10T09:10:32","slug":"india-could-soon-classify-bitcoin-as-a-regulated-asset","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/india-could-soon-classify-bitcoin-as-a-regulated-asset\/","title":{"rendered":"India could soon classify Bitcoin as a regulated \u2018asset\u2019"},"content":{"rendered":"

Lawmakers in India are reportedly looking to classify Bitcoin as an \u2018asset\u2019 regulated by the Securities and Exchange Board of India (SEBI), as per a report on local daily the <\/span>New Indian Express<\/span><\/i><\/a> this morning.<\/span><\/p>\n

Regulation for Bitcoin incoming?<\/b><\/h2>\n

SEBI is expected to oversee Bitcoin activity in India and classify it as a proper, regulated \u2018asset.\u2019 Bitcoin has, so far, existed in a legal gray area in the country and cannot be used as currency locally. However, investor profits are treated as \u2018capital taxes\u2019 and it is taxed accordingly.<\/span><\/p>\n

The move comes shortly on the back of central American country El Salvador legalizing Bitcoin as \u2018legal tender\u2019 alongside the US dollar\u2014meaning the decade-old asset can be exchanged for <\/span>any<\/span><\/i> goods and services similar to how dollars were exchanged earlier.<\/span><\/p>\n

As per sources cited in the report, a so-called \u2018Cryptocurrency Regulation\u2019 bill is likely to be tabled in Parliament during the Monsoon session.<\/span><\/p>\n

Industry insiders support those sources: \u201cWe can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation,\u201d said Ketan Surana, Director and chief financial officer at crypto exchange Coinsbit and member at the Internet and Mobile Association of India.<\/span><\/p>\n

He added, \u201cA new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward. We are very hopeful that the government will embrace cryptocurrencies and blockchain technologies.\u201d<\/span><\/p>\n

\u2018Major concerns\u2019<\/b><\/h2>\n

The report comes weeks after Shakthikanta Das, governor of the Reserve Bank of India, the country\u2019s central bank, said that the government was exploring regulations to integrate cryptocurrencies in the broader economy and take steps to mitigate potential risks.<\/span><\/p>\n

He, however, said at a separate appearance that \u201cmajor concerns\u201d remained and that the government was apprised of the negative aspects of cryptocurrencies.<\/span><\/p>\n

Still, a possible regulation would be a net positive for what is one of the world\u2019s most populous, yet economically challenged countries.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Lawmakers in India are reportedly looking to classify Bitcoin as an \u2018asset\u2019 regulated by the Securities and Exchange Board of India (SEBI), as per a report on local daily the New Indian Express this morning. Regulation for Bitcoin incoming? SEBI is expected to oversee Bitcoin activity in India and classify it as a proper, regulated […]<\/p>\n","protected":false},"author":65,"featured_media":192544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60793,11],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"\nIndia could soon classify Bitcoin as a regulated \u2018asset\u2019<\/title>\n<meta name=\"description\" content=\"Lawmakers in India are reportedly looking to classify Bitcoin as an \u2018asset\u2019 regulated by the Securities and Exchange Board of India (SEBI).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/india-could-soon-classify-bitcoin-as-a-regulated-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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