The status of cryptocurrencies in India is confusing with misleading statements.
In the latest development, the country agreed not to restrict cryptocurrencies but will introduce laws against the use of such assets.
Not only that, India will also not recognize crypto as a legal currency just like El Salvador has done since early September 2021.
Legislation and monitoring of crypto assets, as well as their exchanges will be under the responsibility of the Securities anc Exchange Board of India (SEBI).
Investors who violate the introduced legislation will be jailed for one and a half years. While the penalty has to be paid of ₹ 5 crore - ₹ 20 crore (around RM2.8 million - RM11.3 million).
Earlier, India made a statement wanting to restrict cryptocurrency investments and would focus on central bank digital currency (CBDC) production.
Following that, there was a panicked sale of cryptocurrency on the local crypto exchange, WazirX.
