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ARTICLE · 25 NOVEMBER 2021

One Law To Rule Them All: On NFTs And India's Prospective Cryptocurrency Law

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NFTs are everywhere – from Amitabh Bachchan to the NBA. While India is deliberating a new law to regulate cryptocurrencies (and possibly NFTs), it is only fair to ask – one law to rule them all?

IndiaTechnology
Priyam Judhele
Priyam Judhele
Anirudh Rastogi
Anirudh Rastogi
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NFTs are everywhere - from Amitabh Bachchan to the NBA. While India is deliberating a new law to regulate cryptocurrencies (and possibly NFTs), it is only fair to ask - one law to rule them all?

NFTs have been at the centre of everyone's attention ever since the much talked about sale of Beeple's "Everydays - The First 5000 Days".1 Since then, the first tweet ever has been sold as an NFT, so have several popular memes.2 Even sports leagues have now jumped on the NFT bandwagon and started selling precious sports moments as NFTs.3 Imagine owning the only certified original copy of Yuvraj Singh's six sixes in an over against England, precious, isn't it?

As a natural consequence, the skyrocketing NFT sales and mushrooming NFT marketplaces have alerted the policymakers. There are contradicting reports on how the Indian government may treat NFTs. Some claim that it will depend on the end-use of NFTs4, which appears to be a reasonable premise as we will also see later in

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