Government to give cryptocurrency asset status, law could come soon

New Delhi: The Indian government is considering legalizing the cryptocurrency given its growing popularity. Prime Minister Modi met with senior officials last week to discuss cryptocurrencies. During the winter session of Parliament, which begins on November 29, the central government is preparing to take a decisive decision on cryptocurrencies.

According to media sources, the government will not assign monetary status to cryptocurrencies, but they can be classified as assets such as bonds, gold and stocks. Key decisions on cryptocurrency regulation could be made during the winter session, according to the report. A roadmap was reportedly established by the Ministry of Finance, the Ministry of Information Dissemination and the Ministry of Law. The legislation proposed by the government will legitimize crypto trading, but virtual money will not be accepted as a form of payment or transaction.

According to the source, extensive work on crypto legislation is currently underway and will be completed within the next 2-3 weeks. Cryptocurrencies can be controlled by SEBI, while no final decision has been made in this regard. It is now a question of determining which institution will govern it. Cryptocurrency legislation is also said to include details on the taxation of income from cryptocurrency investments. Given its popularity and acceptance, most government officials have advised against banning cryptocurrencies.

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