India is Planning to Regulate Private Cryptocurrencies

Indian lawmakers introduced a bill in India’s lower house. The bill was introduced to prohibit all the private cryptocurrencies in India except some of the tokens. But according to a cabinet note on the Lok Sabha bill,  the Government of India is not taking such drastic measures. 

The note said that the bill should be imposed on crypto assets instead of cryptocurrencies. It has also given a deadline for the declaration of their crypto assets and to put them on exchange platforms. The cabinet note also denied the use of cryptocurrencies as legal tender in India.