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Indian cabinet (Govt) note got leaked and it states that All all the crypto assets will have to be moved to Indian Exchanges if you are an Indian citizen by the specific date provided by the govt.


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A very reputable news channel in India (NDTV) got hold of a cabinet note ahead of the proposed crypto regulation bill. This is a huge concern for Indian citizens.

The note also reportedly highlights that citizens will need to declare their crypto assets and keep them on Indian exchanges. They will no longer be allowed to keep crypto on foreign exchanges or in private wallets.

If BTC or any other crypto is held on Indian exchanges, how do we invest in NFT's or metaverse?
What if exchanges get hacked?
It's like creating a monopoly. Exchanges in India have very little liquidity, and they already function in an extremely poor manner. e.g. we cant deposit funds sometimes (especially during the dips). The system crashes.

Most of the Indians use exchanges based in foreign countries

What are your thoughts on this?

Full Article:  https://www.businessinsider.in/cryptocurrency/news/

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