India establishes new crypto regulations

TL;DR Breakdown • The government of India is working to develop new crypto regulations in the new draft bill.• According to recent reports, the Indian government will focus regulations depending on the end-use of cryptocurrencies. The government of India would be working on establishing new rules that allow it to regulate cryptocurrencies. According to reports, the Indian authorities could establish virtual currencies in their new bill. In this bill, there are also plans to fragment cryptocurrencies depending on their use. According to experts, cryptocurrencies will be treated as an asset and will be regulated as a commodity for any purpose. They can be included even for taxes, utility and investments payments, etc. These same experts have indicated that cryptocurrencies can be classified depending on their use or their technology. India’s government must first be clear about cryptocurrencies before discussing the regulations and how they should work. Indian government crypto regulations to focus on end-use The local crypto market has welcomed the news of the Indian government regulations on cryptocurrencies. The crypto community in India has said that it is good news to regulate virtual currencies as basic assets and depending on their use. Experts on the subject have added that the Indian authorities are not seeking settlements or payments through cryptocurrencies. The government will decide which cryptocurrencies wi...