India may soon classify Bitcoin as an asset class after the El Salvador move

Yes, you read it right, according to the publication “The New Indian Express” India may classify Bitcoin as an asset class after El Salvador announces it as a legal tender.

El Salvador recently became the first country in the world to formally adopt Bitcoin as legal tender after the approval of President Nayib Bukele’s proposal to embrace the cryptocurrency.

According to the publication, “Top sources tracking the industry told this publication that the government has moved away from its earlier hostile stance towards virtual currencies and will most likely classify Bitcoin as an asset class in India soon.”

The sources also added that the Securities and Exchange Board of India (SEBI), currently the market regulator, will look after the cryptocurrency regulations soon after Bitcoin’s classification as an asset class.

Ketan Surana, Director and chief financial officer, Coinsbit, and Member, Internet and Mobile Association of India said, “We can definitely say that the new committee which is working on cryptocurrencies is very optimistic on cryptocurrency regulation and legislation… A new draft proposal will soon be in the Cabinet, which will look into the overall scenario and take the best step forward. We are very hopeful that the government will embrace cryptocurrencies and blockchain technologies.”

Also according to the sources of the publication a cryptocurrency regulation bill is likely to be tabled in the Parliament during the Monsoon session.