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India is reportedly considering allowing only pre-approved cryptocurrencies to be listed and traded on the stock exchange. In addition, the government aims to both introduce and pass a cryptocurrency law by the end of the year.

Indian regulation of crypto and pre-approved cryptocurrencies

India plans to only allow cryptocurrencies that have been “pre-approved by the government” to be listed and traded on the stock exchange, Reuters reported Thursday, citing two sources familiar with the discussions.

The approval process is intentionally cumbersome to deter investors from holding cryptocurrencies, the sources said, adding that the government is unlikely to follow through on its earlier plan to ban cryptocurrencies. The post quoted one of the sources as saying:

Only when a coin has been approved by the government can it be exchanged, otherwise holding or exchanging may result in a penalty.

In addition, several Indian news outlets have reported that the government may introduce a cryptocurrency bill during the winter session of Parliament. Each source cited without a name. The winter session is scheduled to start on November 29 and is expected to run until December 23.

CNBC-TV18 reported last week that finance ministry officials were trying to “speed up” a modified cryptocurrency bill. The Mint reported this week that once the crypto bill is approved by the Union Cabinet, the government plans to introduce it in the first week of the winter session. However, Reuters wrote on Thursday:

The government aims to introduce and pass a cryptocurrency law during the parliamentary session that begins this month.

Even Indian Prime Minister Narendra Modi has spoken out on cryptocurrency. On Thursday, he urged all democratic nations to work together to ensure that cryptocurrency, including bitcoin, “does not end up in the wrong hands which can spoil our youth.” It was his first public speech specifically mentioning cryptocurrency and bitcoin.

Last week, the Prime Minister chaired a global meeting on cryptocurrency after a consultation process with the central bank, the Reserve Bank of India (RBI), the Ministry of Finance and the Ministry of the Interior.

Following the meeting held by Prime Minister Modi, India’s Standing Parliamentary Finance Committee held a meeting with experts from the crypto industry. It was India’s very first parliamentary discussion on the broad subject of crypto finance involving the industry. The committee then called on the government to address its concerns about the cryptocurrency.

What do you think of the Indian government’s plan to regulate cryptocurrency? Let us know in the comments section below.

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