Indian Ministry of Finance official: The regulatory framework for cryptocurrencies will be introduced in February next year and will not completely restrict cryptocurrencies.

On October 27, the Indian Cryptocurrency Investment Regulation and Governance Act will be released in February of next year. An official from India's finance ministry said there was a possibility that cryptocurrency legalization could be unveiled ahead of a new general financial announcement. The application process can be changed from the previous view to ban all cryptocurrencies. In return, the Indian government can regulate cryptocurrencies according to a category of "assets" such as certain commodities and establish appropriate taxes on trade and income. Another official added that staff at the Indian Ministry of Finance and the Reserve Bank of India (RBI) were still developing the necessary strategies and policies. (Business today)