Government may ban the use of cryptocurrency for transactions

India is thinking of not likely going ahead with cryptocurrency, for doing transactions or making payments. However, one can invest in cryptocurrency and held them like assets, the same way how people do investments in gold, shares and bonds.

As per the reports, Indian government authorities may still not put a complete ban on crypto. Though, Government is still optimistic and keen to stop crypto companies for making transactions and exchange on any online platforms.

The crypto community has made several attempts and presentations to the respective Government jurisdiction to classify cryptocurrency as an asset rather than as a currency, in order to gain acceptance and avoid a ban.

Earlier this week, Prime Minister Narendra Modi chaired a high meeting with the concern department as to discuss the future of cryptocurrencies in India amid the concerns that unregulated and black crypto market could become an easy path for money laundering, tax invasion and terror financing in the country.

According to the sources, the Indian regulatory is thinking to take appropriate, dynamic and developing steps for the usage and authorization of the cryptocurrencies in the country amidst the evolving technology.

The bill for the same is yet to be finalized. The cabinet may get the recommended legislation in the upcoming two to three weeks for its consideration.

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