Crypto likely to be permitted as asset, not currency: Report

Speculations have been doing rounds over the inputs likely to be included while drafting the legislation for cryptocurrency. On Saturday, Prime Minister Narendra Modi led a review meeting on cryptocurrency. However, the PMO didn't share any details regarding the meeting.

This was followed by a Parliamentary Standing Committee on Finance meeting -- led by BJP MP and former Union minister Jayant Sinha -- with industry associations and experts on cryptocurrency.

In both the high-level meetings, as per reports, there was a consensus that cryptocurrency won't be banned but regulated.

In the next two or three weeks, a draft of the legislation is likely to be presented before the cabinet for consideration, as per the ET report.

Market experts have been demanding regulation of crypto for quite some time now as they fear an unregulated environment with several platforms indulging in over-promising and non-transparent advertisements may mislead investors and result in massive losses.