The government of India is likely to ban cryptocurrency as a payment method. Cryptocurrency is a decentralized currency that is not under the control of any financial institute. Other payment options which deal with centralized currency will be there, but payments with cryptocurrency will be prohibited.
The government of India is planning to introduce a bill on cryptocurrency in the winter parliament session. The bill is likely to allow the exchange of cryptocurrency as an asset, similar to stocks. However, the recent misleading advertisement has brought the questions of the credibility of the cryptocurrency exchange platforms.
A closed-door meeting with the representatives of cryptocurrency was held. However, there are many loopholes in functioning and maintaining cryptocurrency. Price arbitrage is also likely to influence the decision of the government on the regulation of cryptocurrency. As of now, it looks like the cryptocurrency as a payment method would be banned while it would be in the market as a valuable asset.
