India to regulate crypto on use cases

India is reportedly working on a cryptocurrency regulation that will be based on use cases of each crypto

It is being learnt that the Indian government will categorize crypto projects on the basis of the technology they use or they can be defined on their end-use.

However, the government has made it clear that it will not allow payments and settlements through virtual currencies/cryptocurrencies. 

A CEO of India based crypto exchange has said that this step is very positive for the crypto industry. This will bring more clarity for the entire industry and push more entrepreneurs into this sector. It will reduce the fear of VC investors wanting to invest in the crypto industry in India. 

Another crypto exchange CEO said that just like the internet, cryptocurrencies have a multitude of use cases and hence a nuanced approach is best rather than a one-size-fits-all policy. 

Crypto experts believe that the idea of categorizing crypto on their use cases would be a significant boost to the newly recognized asset class. It also acknowledges that cryptocurrencies are much more than speculative instruments and do have actual use cases.

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Maluh Bastos (29)

Journalist, content writer and producer - and DJ in spare times - always looking to make some noise in the world. Crypto and blockchain writer, eager to learn more every day and hoping to contribute to Klever's mission to change people's lives through financial freedom.

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