India Plans to Draft New Cryptocurrency Bill

India’s government is planning to propose a new draft bill that defines and categorizes cryptocurrencies according to their use cases as an asset/commodity for taxation purposes.

India’s Crypto Bill

Aside from taxes, the new bill is expected also to include laws and regulations for using cryptocurrencies in payments, investments, and other utilities, the Economic Times reported.

As of this day, cryptocurrency usage in India does not have any official legal status, and crypto markets remain unregulated which doubles the risk of it.

This crypto-friendly approach will definitely help solve the ambiguity investors face while dealing in crypto.

India Investigates Crypto

Earlier this year, the Indian government announced it might introduce a new bill that would ban trading cryptocurrencies rather than regulating them. The new legislation bill seeks “to prohibit all private cryptocurrencies in India. However, it would allow certain exceptions to promote the underlying technology of cryptocurrency and its uses,” Albawab reported back then.

India’s warming up to cryptocurrencies could result in a very good sentiment boost for the cryptosphere and this regulation clarity could even hinder the use of such currencies in criminal activities.

It’s worth mentioning that the Indian gov’t is currently investigating Bitcoin.com and also running down Binance’s activities that are linked to the ongoing money laundering case in China and Japan.