According to a news report, India is likely to regulate cryptocurrencies as a commodity. The report, which was first published on Quartz, has said that the government official confirmed that India does not intend to enforce a blanket ban on cryptocurrencies, and these will be treated as commodities instead. Treating these as commodities will help the government to regulate these crypto assets and also give a fair warning to the people about the risks associated with cryptocurrency trading. In fact, the official has also revealed that the Indian government had never considered banning cryptocurrencies altogether and was only unconcerned about illegal money entering the cryptocurrency market.
This is the first positive voice coming from the regulators in India. If the Indian government regulates cryptocurrencies and treats them as a commodity, it is more than likely that RBI will have to reverse its cryptocurrency ban. Now, the next big date for cryptocurrency investors is July 20th when petitions against RBI go up for hearing in the Supreme Court.