Reportedly, cryptocurrency investors in India will be given a date by which they must register their cryptocurrency exchange assets. This is not a ban on cryptocurrency, as was earlier believed, but a strict regulation on its use. These crypto exchanges, however, must come under the oversight of the Securities and Exchange Board of India (SEBI).
The Indian government is considering the introduction of a central bank digital currency (CBDC) in cooperation with the Reserve Bank of India (RBI). Eventually other cryptocurrencies could be banned, but that is not likely to happen at this time. This move is allegedly intended to prevent money laundering and terrorism financing.
The government currently refuses to recognize cryptocurrencies as legal tender, but considers them as assets. All of this is still under consideration, so we must continue to wait to see how the situation in India is resolved and how it will affect the world market in cryptocurrencies.
