• India’s Finance Minister Nirmala Sitharaman has just diclossed that the government will soon regulate crypto with new law ahead of the country’s budget .
• It is possible that the law will be focused on crypto tax.
• WazirX CEO expressed his opinions on the issue.

India’s Finance Minister has voiced out that India will soon bring its new law to regulate crypto in the country. This milestone is expected to begin ahead of the country’s budget. People believe that crypto could be made a legal asset in India within a matter of months. This is in contrast to the previous approach, which proposed a ban on all cryptocurrency.

The government will likely tax transactions and regulate cryptocurrency, according to the proceedings. Another report by the government says that it will regulate digital assets using precise new laws, rather than fighting technology. In addition to this, the law allows and regulates cryptocurrency as they expect it before the nation’s budget.

This is a statement by Nirmala Sitharaman (Finance Minister):

Although we have no plans to close all possibilities, we do allow people to use bitcoin and blockchain in a limited amount of time. It will be open to cryptocurrency experimentators and fintech companies that depend on it. We won’t close it down at all.

It is important to mention that, despite this upcoming event being held, India already has several legal frameworks in place that regulate cryptocurrencies. India has an estimated 15 million investors.

On the other hand, WazirX CEO, Nischal Shetty shared his opinion regarding India’s new cryptocurrency law and also posted on his Twitter (NYSE:) regarding the regulation bill next year. In the tweet, he mentioned that “India is finally on the path to crypto regulation.”

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