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India may not ban cryptocurrency, treat them as commodities instead

The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai November 2, 2010. India's central bank raised interest rates for the sixth time this year on Tuesday to tame inflation, and indicated that the increase was likely to be its last in the near term. REUTERS/Danish Siddiqui (INDIA - Tags: BUSINESS) - RTXU3X4

After months of uncertainty, there are indications that India may not ban cryptocurrencies. A finance ministry panel set up to study them may even suggest that they be treated as commodities.

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

a senior government official privy to the panel’s discussions told Quartz, requesting anonymity. Read more at Quartz


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