MUMBAI, (Reuters) – India will likely ban cryptocurrency transactions and making payments. However, it allows them to be used as assets such shares, bonds or gold.

The newspaper cited sources who knew the thinking of the government and said that this would not result in a total ban. However, it was determined to prevent crypto platforms, exchanges, or companies from trying to attract investors.

In order to avoid bans and gain acceptance, the crypto community made numerous representations to Indian authorities to request that they be considered an asset instead of a currency.

Last week, India’s Prime Minster Narendra Modi chaired an international meeting about the future cryptocurrency markets amid worries that these unregulated markets could be used for terrorist financing and money laundering.

According to the newspaper, a person who was aware of the discussions said that government views are that it is important to be proactive and “progressive” in taking steps as cryptocurrency represents an emerging technology.

The newspaper was informed by sources that the details for a bill were being finalized and that the cabinet might receive it in the next 2 to 3 weeks.

Although the Securities and Exchange Board of India (Sebi), could be the regulator, it hasn’t been decided, according to the newspaper.

So far, the Reserve Bank of India appears to be very reluctant to take cryptocurrencies. They express concerns over possible risks to economic and financial stability as well capital controls.

According to Chainalysis blockchain data platform, India’s digital currency markets were worth $6.6 Billion in May 2021 compared to $923 M in April 2020.

At Tuesday’s event, Shaktikanta Das, Governor of RBI, reiterated central bank concerns and noted the need for more discussions.