India to ban cryptocurrency as a payment method but regulate as asset

  • The government is unlikely to shut the door on cryptocurrencies and instead take a nuanced approach.
  • Active solicitation by companies including exchanges and platforms would be barred, people with knowledge of the matter. The government is finalizing legislation that will pave the way for the regulation of crypto-asset trading while barring the use of virtual currencies for payments and transactions.
  • Working on Taxation Aspects The government is also working on the taxation aspects and the upcoming legislation is expected to address this, the person added.
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