Regulation of cryptocurrencies in India to appear by February 2022

The Indian government plans to introduce a regulatory framework for working with cryptocurrencies by February next year. Instead of fullBanned by the authorities of the country will discuss whether to count bitcoins and altcoins as a separate class of assets.

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The second most popular country in the world byOne of the fastest growing cryptocurrency markets is considered to be one of the fastest growing markets for cryptocurrencies, but there is no clarity in the state as to whether the living creatures of the living

At the beginning of this year, the authorities planned to introduce a full prohibition, similar to the Chinese one, and even to enter the ownership of the cryptocurrencies and their charcoal mining.

The government began to soften its position inthe following months, stating that future rules will not be so harsh. As of now, the legal base for bitcoins and altcoins will be formed by February 2022. Surprisingly, but they are even ready to give cryptocurrencies a separate class of assets.

An employee of the Ministry of Finance explained thatCompliance with certain laws in the industry is vitally important, since the popularity of digital assets in India attracts criminals who deceive people. The new rules will help the authorities take control of such operations.

If India decides to treat the cryptocurrency as a class of assets, this step will stimulate the country's crypto-economy. At the end of the day, this is the opinion of the Indian billionaire Handan Nilekani.

The interest in cryptocurrencies in India has grown rapidly over the past time, and local residents have allocated their investments in digital assets from $ 200 million last year to $ 40 billion.

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