India considering regulating crypto as an asset, banning use for payments
India's crypto law may regulate cryptocurrencies as assets but their use as currencies for payments might be barred.
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India’s crypto law will regulate cryptocurrencies as assets but their use as currencies for payments might be barred, the Economic Times has reported. Active solicitation by crypto exchanges is also likely to be banned. The draft bill could be taken to the Union Cabinet for consideration within the next two to three weeks, a government source told ET. Under the bill, the Securities and Exchange Board of India (SEBI) might be appointed to regulate cryptocurrencies the source added.