India will begin to regulate cryptocurrencies

The Indian authorities have decided to start a policy to regulate cryptocurrencies instead of banning them.

Indian residents will be required to report their digital assets and transfer them to bitcoin exchanges regulated by the Securities and Exchange Board of India (SEBI). This is a text from platform cryptodefix. This information is contained in a note to the bill on cryptocurrencies under consideration by the authorities, reports NDTV.

Investors will be given a certain amount of time to comply with the guidelines. Non-custodial cryptocurrency wallets could be banned. This would help in the fight against money laundering and in the fight against terrorism. Previously, the government had in principle planned to ban the use of some cryptocurrencies, but eventually came to regulate them.