Good News: India is not going to ban cryptocurrencies!

After months of FUD and even that one guy who sold all his holding because he thought he was going to jail, India is finally taking a stance of not banning cryptocurrencies and will instead regulate it!

Nischall Shetty, Co-founder of WazirX, tweeted today about the details of how India is going to proceed with regulating cryptocurrencies. They will be forming a separate committee to discus this and will include major crypto leaders in regulation process.

Here are the key points for anyone interested:

1. Crypto classified as “Digital Assets”

2. Committee core is to “Regulate” Crypto

3. Government understands crypto is cutting edge, 2019 Bill outdated

4. Government wants to engage with industry

5. FinMin monitoring Crypto volumes in country

6. FinMin engaging with stakeholders to understand all supervisory risks

   1. Fresh panel to be formed

7. RBIs CBDC initiative to get a boost as well

8. Mr. Anurag Thakur might be part of the committee!