In this case, it will be regulated on a par with traditional financial instruments.

The Indian authorities can provide bitcoin with the status of a regulated exchange commodity, despite the recently introduced ban on operations with cryptocurrencies. According to the online magazine ForkLog, this follows, in particular, from a speech of a special adviser of the Reserve Bank of India Sham Divan in the Supreme court of the country, dedicated to the need of regulating the cryptocurrency market in order to prevent “illegal” financial transactions.

The position of the Central Bank representative is also shared by the Procurator General of India. The point is that bitcoin can get the status of an exchange commodity and, thanks to this, be regulated on a par with traditional financial assets.

Recall that in April, the regulator of India banned credit and financial institutions to provide services to individuals and legal entities related to the turnover of cryptocurrencies and introduced a ban on their purchase and sale. Representatives of the Indian cryptocurrency community appealed to the court to lift the ban in order to protect interests of market participants and the entire society. However, the Supreme court of India has left the ban in force due to the lack of significant arguments among the participants of the process and postponed the case to September 11. Note that the Reserve Bank admitted that it had imposed restrictions on the cryptocurrency, without conducting any research or consultations.