According to the source, the decision of the government to issue the mandate was welcomed by experts in the industry. That is because a step to regulating cryptocurrency transactions could provide an alternative solution to the full ban on crypto.

The Indian government has been discussing the introduction of a bill to ban cryptocurrencies. In particular, the ban would prohibit any activities with crypto such as holding, buying, selling, mining, and so on. Those violating the rules would receive a fine or up to 10 years imprisonment, The Entrepreneur writes.

Despite the possibility of a ban, cryptocurrencies are popular in India. The country’s largest crypto exchange WazirX has a 24-hour trading volume of over $97 million at the time of writing, per CoinMarketCap.com data. In addition, cryptocurrency exchange Coinbase has recently announced setting up operations in India.

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