According to Reuters, these cryptos may need to be approved by the government before investors can hold and trade crypto on crypto asset trading platforms.
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This could cause huge distress to the Indian crypto community.
Those who don’t follow the strict rules could face hefty fines, according to a Reuters source.
“A cryptocurrency can only be traded if it is approved by the government. Otherwise, holding it and taking action may require criminal sanctions.
The long-awaited crypto bill in India is expected to be presented in the winter session of parliament.
While the government has taken a step back in banning cryptocurrencies, it has yet to make a complete U-turn.
