Indian regulatory body SEBI will regulate local crypto exchanges

Reportedly, the Securities and Exchange Board of India (SEBI) will regulate the local crypto exchanges of India. 

Recently we reported about the speculation on the crypto bill of India, where we found that most of the citizens of India were considering that India will ban all crypto assets and related services but later former finance secretary minister of India shared his point of view on local news media channel News18 that people are assuming it wrongly without knowing the actual details of the bill, which is still hidden. 

The latest news comes from the local news media channel, NDTV news. According to this NDTV Indian crypto bill has no crypto ban details. 

Sunil Prabhu, Reporter at NDTV news, reported that they got the full details about a note which was released by the Cabinet. Cabinet note is circulated among the government officials. 

According to the reporter, notes have suggestions to regulate crypto as assets. And the regulation work on the local Crypto exchanges will be done by the Securities and Exchange Board of India (SEBI).

The reporter also revealed that Note said that Indian crypto traders will get a certain time frame to declare the crypto holdings and also they will get time to transfer all the funds to the crypto exchanges. And also the financial regulatory body of India, SEBI, will ban private crypto wallets (maybe assets also) to restrict crypto-related risks like money laundering and terrorism financing.

Parbhu also said that, right now, the government will focus on the crypto industry to regulate. And the plan of CBDCs adoption by the RBI will remain pending and most probably they will do work on this matter after crypto regulation. 

Parbhu also figured out that, the bill is seeking to provide a better clarity between the currency and cryptocurrency to distinguish between these two things so that people can be restricted from using crypto as legal tender. 

” (Crypto) as a legal tender will not be accepted. That is a clear no. I think that that is what even the prime minister in his deliberations at that meeting made clear to ensure that does not take place.”

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