Crypto to be Treated as a Commodity in India as Lifting of Ban is Underway


India’s government official has revealed that the country’s Authorities are more likely to consider cryptocurrency ban and start treating them as commodities. Citing a superior government official who is more involved in the currently happening regulatory discussion in the cryptocurrency periphery, India is more unlikely to oblige a blanket ban on cryptos regardless the latest‐enforced central bank authoritative command that forbids banks from offering services to the various burgeoning sector.

Reserve Bank of India (RBI) released out an official circular to ban all regulated financial institutions across the country from accepting their clients to buy their cryptos via their bank accounts and stopping offering services to all cryptocurrency businesses. On July 5th, the policy of the central bank went into effect when the inter‐governmental committee was established that comprises of various government ministries and local banks, chored to forthput a regulatory framework for the crypto sector last year. 

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