Indian Regulatory Body SEBI To Regulate Local Crypto Exchanges
While addressing on the rumors about India’s crypto bill, and after finding out that many Indian citizens already considered the ban of all crypto assets and their related services, concerning which the former Finance Secretary of India shared his views locally via local news media and said people are still misjudging the details in the bill, while the bill is yet to be made public.
The most recent news came from the local news channel NDTV News and according to NDTV reports, there are no details and mentions of the crypto ban in the Indian Crypto Bill.
NDTV News Reporter Sunil Prabhu reported that they have received full details of the note released by the Cabinet. Cabinet note is the document that is distributed among government officials.
According to the reporter’s analysis, the notes contain instructions for controlling crypto as an asset. Furthermore, The Securities and Exchange Board of India (SEBI) will regulate the local crypto exchanges.
The memo also states that Indian crypto traders will be given a time limit to declare crypto holdings and they will have time to transfer all funds to crypto exchanges. In addition, to control crypto-related risks such as money laundering and terrorist financing, the Financial Regulatory Authority of India (SEBI) will impose bans on private crypto wallets (and possibly assets).
Prabhu said the government is currently focusing on the crypto industry regulation. In addition, the RBI’s CBDC adoption plan has not been finalized and it is likely that they will work on the issue after crypto regulation is done.
He also found that the bill seeks to provide better clarity in distinguishing between both currency and cryptocurrency so that people can be prevented from using crypto as a legal tender and said:
”It’s clear that Crypto will not be accepted as a legal tender. I think the Prime Minister also made it clear in the discussions at that meeting that he wanted to see that not happen”.