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India To Define Crypto As Asset, Ban Payments, and Ads - Report
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cryptonews.comAmid a rising number of signs indicating that India’s government could adopt a more nuanced approach to cryptoassets, another report claims that the authorities are finalizing work on legislation that could pave the way for regulation of cryptoasset trading - while banning crypto’s use in payments and transactions.
Under the legislative proposal, the government will allow citizens to hold cryptoassets as assets, The Economic Times reported, citing undisclosed sources allegedly close to prime minister Narendra Modi’s cabinet.
In addition to this, businesses such as crypto exchanges and platforms would also be banned from actively recruiting new customers through advertising, per the report.
It added that the draft legislation could be
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