India is exploring a plan to recognise cryptocurrencies just like financial assets while also aiming to protect retail investors.
Negotiations are ongoing as officials are planning to create a law that India's current administration intends to bring to the house in the next session, which begins next week. The law might specify a reasonable amount for crypto investments while prohibiting its use as legal cash.
Current sources are not fully known as the law is not yet fully established.
At the moment, the Reserve Bank of India is considering imposing a complete ban on cryptocurrencies. Alternatively, the present administration does not entirely support this idea and would like to see cryptocurrencies stay in place as they provide an economic benefit to the nation. Thus, an accurate discussion will take place between both parties to ensure a positive outcome for the country. Cryptocurrencies are in most cases a benefit rather than a disaster to a given economy.
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