The government’s decision would mean that while digital currency would be accepted as virtual currency, buying and selling would be regulated and monitored using the goods and services tax (GST).
The securities regulator reiterated its stance that investment advisors must not engage in buying and selling of unregulated assets such as digital gold.
The new system will use a distributed ledger technology to take advantage of more resilient solutions than the traditional centralized databases, according to the regulator.
India’s securities regulator has said firms will be expected to sell off any holdings in digital currency before going public with an IPO.
To put an end to the ongoing ambiguity surrounding the legality of cryptocurrencies in India.
BTC and other cryptocurrencies is still shunned in India, & central bank is showing no sign that it will budge from its stance anytime soon.
