• India’s crypto ban is with regards to as a form of payment, not the assets.
• This new law will regulate crypto use.
• Michael Saylor sent a tweet with his views.

The Indian government recently proposed that cryptocurrency be banned as a method of payment, instead creating a legal framework to govern it as security. Indian officials are promoting a Central Bank Digital Currency in India (CBDC).

Microstrategy’s CEO Michael Saylor, NASDAQ:, was inspired to tweet his views about the news.

#Bitcoin can be described as Digital Property. It will soon become a Store-of-Value asset in any country that permits citizens to possess private property. A #Stablecoin is Digital Currency for use as a Medium of Exchange and will be issued by chartered banks.https://t.co/bfbm2Yplk6

— Michael Saylor (@saylor) November 24, 2021

Moreover, the Indian government crypto regulation bill is titled “Cryptocurrency & Regulation of Official Digital Currency Bill 2021.” In the same news, Harsh Rajat, Founder of the Push Notification Services explained:

The bill facilitates allocation of budgets for creating a fiat cryptocurrency known as the digital Rupee. It also creates infrastructure for mass adoption in the country, just like China.

Nischal Shetty CEO at WazirX claims that lawmakers now understand crypto better than they did last year. The new legislation bill appears to be different from earlier proposals to ban cryptocurrency in the country.

The Indian cryptocurrency regulatory landscape is still unclear. In the past, India’s government had talked of banning digital currency. But, in the end the Supreme Court stopped Reserve Bank of India debarring cryptocurrency transactions.

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