India may adopt bitcoin as an asset class under the observation of the Securities and Exchange Board of India (SEBI). Further handling of a crypto bill is expected to be presented during the Monsoon session of parliament. This came into the scene on 12the June’21 by the local media report. 

The Indian government has yet to present a cryptocurrency bill. An existing bill pursues a ban on cryptocurrencies. Though, there have been reports of the government re-evaluating the references within the bill. 

Market regulator Securities and Exchange Board of India (SEBI) will supervise regulations for the cryptocurrency sector and later bitcoin’s classification as an asset class. 

The media formerly reported that the Indian government will set up a panel of specialists to come up with new recommendations to supervise the cryptocurrency industry in India. Sources informed that an expert panel at the Ministry of Finance is working on expressing the country’s cryptocurrency policy. The publication further mentioned that: A cryptocurrency regulation bill is expected to be tabled in the Parliament through the Monsoon session. 

The Monsoon session generally starts in July. Though, last year, it did not start until September due to the coronavirus crisis. This year, the government assumes the session to initiate on its normal schedule. 

Last week, India’s central bank, the Reserve Bank of India (RBI), issued a notice to banks clarifying that its 2018 circular on cryptocurrencies is no longer valid with previous 2018 circular,Banks were warning their users to avoid cryptocurrencies 

The central bank, though, reiterated that its position on bitcoin and other cryptocurrencies has not transformed and it still has “major concerns”. RBI Governor Shakthikanta Das stated, adding that they have been in communications with the finance ministry. 

Ketan Surana, Director and chief financial officer of cryptocurrency exchange Coinsbit said: “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”