The Indian government may soon have to approve cryptocurrencies so that investors can hold or trade them on exchanges, according to a report.”ReutersWhich cited an informed source.

This requirement will likely make hundreds of digital traders unavailable to the Indian crypto community.

The source says that failure to comply with the strict rules will lead to penalties, and the source states the following:

Only when the government approves a currency can be traded, otherwise keeping it or trading it may result in a penalty.

The much-anticipated crypto bill is likely to be introduced during the winter session of Parliament.

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While the government has reportedly backtracked on its plan to impose a blanket ban on holding, trading and mining cryptocurrencies, it appears to be far from taking a full turn.

Reuters quoted a government official as saying that India may pave the way for a central bank digital currency while banning digital currencies issued by the private sector.

As we mentioned earlier on Arab Bitcoin, Reserve Bank of India Governor Shaktikanta Das recently reiterated his reservations about cryptocurrencies, while the Indian government intends to take advantage of cryptocurrencies.

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