Emin Gun Sirer expressed:  Rumors are that the Indian government is planning to pass new regulations that recognize crypto as an asset.

The new regulations are expected to go into effect in February.  Do you all remember when they eventually banned it? Do you all remember how countless people panic sold on the news? I do. And do you remember who said, specifically, that India will ban, then will un-ban crypto? That the adoption curve is up and to the right?

Community response:  India never banned cryptocurrencies sir. What foreign media says without understanding the regulatory setup is not fact. And the Indian government will be segregating crypto assets into speculative, utility, store of value etc. which is first of its kind and speaks a lot.

There was no ban on crypto in India, it was a banking ban by RBI on exchanges, trading was still ON.

Hopefully this happens. But, Indian government can’t be trusted. Trust me

Do you remember when you used to do worthwhile distributed systems research, and not talk about “adoption” and other irrelevant crap? I do.

Didn’t they ban it? I’m old enough to remember this. They tried to, but it kept getting challenged legally at state court and general Supreme Court level. God bless Indian democracy with its myriad checks and balance.

I know it’s all cute from outside Indian government took away half the revenue from a government owned monopolistic PSU meme stock. Imagine what support we can expect for crypto. PS: Bullish though.

India government is never going to ban something which can earn them a lot of taxes. Government treasury is already in shambles, bonds down rated, tax targets missed. They will never say no to any taxing opportunity.

It would be really good for the Avax ecosystem and a good marketing campaign for the Avax ecosystem if you pump.

For clarity, reportedly, The Indian government is planning to introduce cryptocurrency regulation by the time of the next general Budget, which will be in February 2022. As opposed to banning cryptocurrencies, like bitcoin, the government is likely to regulate crypto assets as commodities, according to reports.

Previously, there was a draft bill, where an inter-ministerial committee headed by former Finance Secretary Subhash Chandra Garg published in July 2019.

It is very obvious that the government is moving away from the idea of banning cryptocurrencies. We are at a point in time where countries stopped talking about a ban.  It is about how to regulate.