Media: Bitcoin to be classified as an asset class in India

The Indian government has signalled a shift away from its hostile stance toward cryptocurrencies and is likely to classify Bitcoin as an asset class in the near term. The report, citing its own sources, appeared in New Indian Express.

Thereafter, regulation of digital currencies would be overseen by the Securities and Exchange Board of India (SEBI), the newspaper’s sources said.

According to them, a cryptocurrency bill will be introduced in Parliament during the monsoon session (June to September).

Representatives of India’s crypto industry are in talks with the Ministry of Finance regarding the development of new rules, while the ministry’s panel of experts is examining the issue, sources said.

Earlier, experts from the IndiaTech.org association of internet startups proposed to recognise Bitcoin and other cryptocurrencies as digital assets in their regulatory framework.

In May, the media reported that officials are open to such a possibility.

The Reserve Bank of India (RBI) reminded financial institutions of the lifting of the ban on cryptocurrency operations. Meanwhile, regulator chief Shaktikanta Das said the authority retains a cautious stance toward the assets.

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