CoinSwitch Kuber CEO says crypto ban unlikely as $6-bn assets held in India

Says regulation could happen in phases. Crypto could first classified as an asset, then taxed, and then brought under an appropriate regulatory authority

An outright ban on crypto is unlikely as retail investors in the country hold about $6 billion of such virtual currencies, CoinSwitch Kuber founder and CEO Ashish Singhal said in a webinar on Wednesday. He also sounded a word of caution on the consequences of a ban, saying the Nigerian government had to walk back its ban within 12 days as crypto is a peer-to-peer technology that can’t be easily contained.

The session on Youtube was hosted to answer users’ queries as a listing of a bill for regulating digital currencies in the Winter Session of the parliament has put