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The Indian Government May Consider Regulating Cryptocurrency As Commodity

Mary Liu

Summary: According to a local media Business Today, officials of the Ministry of Finance of India said that the upcoming legal framework will bring cryptocurrencies closer to commodities than currencies, and the government is considering regulating cryptocurrencies as a commodity category.  The officials added that cryptocurrency-related laws may be introduced when the government submits the budget ...

According to a local media Business Today, officials of the Ministry of Finance of India said that the upcoming legal framework will bring cryptocurrencies closer to commodities than currencies, and the government is considering regulating cryptocurrencies as a commodity category. 

The officials added that cryptocurrency-related laws may be introduced when the government submits the budget of the Union of India on February 1 so that it will take effect before the next fiscal year. The Ministry of Finance is working with the Reserve Bank of India (RBI) to study the details of the legal framework.

By Mary Liu

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