By Tobi Loba
As a report has it, the government of India might soon give regulatory clarity on Bitcoin, with a possibility of classifying the digital asset as an asset class.
A source stated that the Securities and Exchange Board of India (SEBI) is planning to handle the regulatory aspect of cryptocurrency once Bitcoin is classified as an asset class.
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The sources add that the finance ministry is discussing regulation with leaders in the crypto industry. Consequently, the Indian parliament will have a cryptocurrency regulation bill that seeks to make new directions on handling cryptocurrencies obvious.
There is a possibility for India to join other countries such as El Salvador in defining the sector. Recently, El Salvador officially declared Bitcoin a legal tender.
However, some crypto analysts are still skeptical of the possibility of seeing India declaring Bitcoin as a legal tender:
“In my opinion, the Indian government will explore a way to regularise bitcoin. I don’t think India will consider accepting bitcoin as a legal tender in the near future because it will affect the position of the Indian rupee.
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“Accepting bitcoin as a legal tender is a good idea for those nations who don’t have their own currency or are dependent on the US dollar,” said Hitesh Malviya, blockchain and crypto investment expert.”
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