India could tighten crypto rules, not ban them, says ZebPay boss

The cryptocurrency sector in India still operates under uncertainty as the government has yet to decide how to treat cryptocurrencies.

The Indian government will propose a new cryptocurrency law to parliament. Recent reports have shown that the government wants to ban private cryptocurrencies. However, cryptocurrency exchange CEO ZebPay said it was highly unlikely that the government would ban cryptocurrencies.

Instead, he stated that the government would try to regulate cryptocurrencies instead. Avinash Shekhar, Zebpay's co-CEO, told CNBC's Squawk Box Asia that the government could potentially introduce toughened rules on cryptocurrencies. He emphasized:

“I believe we will have coherent regulation, but on the tougher side. The voices we are getting from the government are that they are looking for some kind of regulation, strict regulation, but not a total ban. "

The Central Bank of India is also looking to introduce a digital rupee as numerous central banks around the world start working on their digital currencies. Apex bank plans to start a pilot of their digital currency in the second quarter of next year.

Shekhar said the government's opinion on cryptocurrencies has changed in recent months after consulting various stakeholders.

Earlier this year, the government planned to ban cryptocurrencies and fines Indian citizens for trading cryptos or holding the assets. However, since then the government has changed its stance and is now trying to heavily regulate the crypto space and discourage people from investing by imposing high capital gains and other taxes.

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