It doesn't really matter how they classify it at the moment because there is no ban in place. Their central bank does have a directive for banks not to get involved in any capacity with cryptocurrencies though. It's specific to cryptocurrencies so however they want to classify them is besides the point.
Trading seems to be completely free for all at the moment, so you can trade crypto to your heart's content for as long as you don't use a bank account in doing so.
As for the central bank directive, their supreme court should have met on July 20, but I haven't heard anything about it. Anyone care to enlighten us?
Topic: india may avoid cryptocurrency ban classify them as commodities (Read 170 times)
perhaps later, if bitcoin is recognized as an asset worldwide, then other countries will follow a common example
I don’t think anyone is really thinking of banning it (cryptocurrencies) altogether. The issue here is about regulating the trade and we need to know where the money is coming from. Allowing it as (a) commodity may let us better regulate trade and so that is being looked at.
The earlier the better for the Indian government otherwise they will lose so much in their economy whatever the cryptocurrency would have contributed to their economy. The should not influence the outcome of the reviewing court on crypto currency which governmant has given the task to justify cryptocurrency adoption in India.
Trade is not a criminal offence. Most of us trade in various asset classes in the stock market. So how is this [cryptocurrency trading] any different? What has to be in place is a mechanism to be sure that the money used is not illegal money, and to track its source is the most important thing.
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