Indian Government may consider Sebi for cryptocurrency
The union government will probably give crypto holders a deadline to declare their assets and meet any new rules, Bloomberg reported citing people familiar with the matter.
The government is all set to introduce ‘well consulted’ cryptocurrency Bill that seeks to regulate cryptocurrencies rather than an outright ban which may affect millions of crypto holders.
The Bill is likely to use the term ‘cryptoassets’ rather than ‘cryptocurrencies,’ and won’t refer to the central bank’s plan to create its own digital currency, sources said.
Any violators could be fined as much as ₹20 crore ($2.7 million) or imprisoned for 1.5 years, according to the proposals, sources told Bloomberg.