According to news on December 10, two people familiar with the matter said that Indian Prime Minister Narendra Modi will make a final decision on the regulatory framework for cryptocurrency due to conflicts of views among stakeholders.
A high-level meeting was held on Thursday to consider all options and the opinions of stakeholders, including the concerns expressed by the Reserve Bank of India.
One of the people familiar with the matter said that these options include complete bans on private cryptocurrencies, partial bans, and permits for all types of encryption products to be regulated. Or only allow a few regulated products.
Another person familiar with the matter said that deliberations may continue on Friday before a decision is made on the framework.
The cryptocurrency and supervision of the official digital currency bill of 2021 are included in the ongoing winter parliamentary meeting for consideration and approval. In addition, cryptocurrency stakeholders and government officials are discussing how to regulate NFTs, and how regulations that the investor community is worried about will define NFTs.
The government is seeking to classify cryptocurrencies as commodities, but many people believe that calling NFTs the same will only create more complexity. Fearing about the impact of the new cryptocurrency law, many Indian exchanges that wanted to launch a separate NFT market postponed their plans.