India is considering a proposal to treat cryptocurrencies as a financial asset while safeguarding small investors, according to people familiar with the matter.
The discussions come as authorities race to finalize a bill Prime Minister Narendra Modi’s government wants to present to parliament in the session starting Nov. 29. The legislation may stipulate a minimum amount for investments in digital currencies, while banning their use as legal tender, the people said, asking not to be identified as no final decision has been taken.
Policy makers left themselves some wiggle room when they posted a description of the bill on parliament’s website late Tuesday, by saying the bill seeks to prohibit all private cryptocurrencies except “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”
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