India to Regulate Cryptocurrency

Indian parliamentarians and crypto delegates have concluded to regulate the crypto industry, taking a ban off the table in one of the biggest political victories for this space.

According to local media, there was an overall agreement among MPs that there should be regulation instead of banning it.

In the reports, spokespeople from Indian crypto exchanges like WazirX, Coinswitch Kuber, and even CoinDCX attended, and members from Blockchain and Crypto Assets Council (BACC) with it chaired by former Union Minister Jayant Sinha.

Expanding further, the source says,

“Government is very clear that it has to bring out something before Budget Session. This means it would try to conclude something in Winter Session.”

Since the upturn of the central bank diktat by the Supreme Court in 2020, the crypto industry increased to the point Coinbase started an office in India.

Based on some reports, there are around 100 million Indian crypto users, almost as much as that of the US.