The tide may have finally turned for cryptocurrencies in India as reports indicate a softer stance by the government toward crypto. According to a report by The New Indian Express on Thursday, the government’s hostile stance toward Bitcoin (BTC) appears to be shifting toward more common-sense regulatory policies for cryptocurrencies. According to inside sources quoted by the publication, authorities have dropped earlier plans for a blanket Bitcoin ban in favor of classifying cryptocurrencies as an alternative asset class. The Securities and Exchange Board of India will reportedly be tasked with overseeing crypto regulations in the country in collaboration with the …

Indian technology mogul Nandan Nilekani has urged local lawmakers to allow citizens to speculate on crypto assets. Nilekani, the co-founder and chair of Infosys — an Indian multinational information technology firm — urged regulators to embrace digital assets and get a handle on accommodating the technology. Speaking to the Financial Times, Nilekani warned that prohibitive regulations could result in significant missed opportunities for India, asserting that a more permissive approach would let the country tap into the $1.7 trillion digital-asset market and allow "crypto guys to put their wealth into India’s economy." However, Nilekani is not bullish on an unfettered …

Reports are emerging that India’s government may be reconsidering its stance on cryptocurrencies with the formation of a new regulatory panel. A May 19 report in the Economic Times, cited three sources privy to discussion on the formation of a fresh panel of experts with a view to regulating cryptocurrency trading in India. The move comes amid increasing support for overturning recommendations made by a committee led by former finance secretary Subhash Garg in 2019 for a blanket ban on crypto assets on the grounds they have become outdated. The report quoted an unnamed official with knowledge of the matter …

In what seems to be another anti-crypto move by regulators in India, initial public offering promoters may soon be forced to sell their crypto holdings before being allowed to participate in raising funds. According to a report by the Economic Times, the Securities Board of India may disqualify IPO promoters from raising funds if they hold cryptocurrencies. This move is reportedly an extension of SEBI’s instructions to securities lawyers, merchant banks and other stakeholders in the IPO ecosystem regarding cryptocurrencies. According to a securities lawyer quoted by the Economic Times, “There could be a direction from the government in this …

Trials of blockchain-aided voting in India that would enable voters to post ballots from outside their home provinces are to begin soon. Chief Election Commissioner Sunil Arora said that research using the cutting-edge technology had already started and that mock trials were to be launched in the very near future, as reported by The Wire. India’s Election Commission worked alongside researchers from the Indian Institute of Technology Madras in creating a secure way to verify identities and enable voting from far-flung regions of the country, and beyond. On the same day, Arora confirmed a proposal that would give Indians living …

Indian bank United Multistate Credit Co. Operative Society is planning to expand its banking services to cryptocurrencies and cryptocurrency products. In collaboration with the crypto banking service provider Cashaa, United has established a joint venture dubbed UNICAS that aims to provide both online crypto banking services and walk-in services across its 34 physical branches in northern India. This move by United and Cashaa comes amid India’s uncertain crypto regulations. While the Supreme Court of India took down the crypto banking ban put in place by the Reserve Bank of India in March, most banks are still skeptical of providing services …