India Bitcoin ban saga shifted in favor of asset classification

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India is reportedly planning to classify Bitcoin as a commodity, the Financial Times reported Monday, a move that would allow it to be taxed, but which critics say could end the country’s opportunity to become a leading hub for the cryptocurrency industry. This update is in complete contrast to the India bitcoin ban saga – ongoing for the last couple of years.

A recent report suggests that the Indian government is in the process of establishing a legal definition for cryptocurrency, which will include asset classification and a possible ban on exchanges (though these reports have not been officially confirmed). All of this could have a huge impact on the industry, but which way will India ultimately go?