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.