arunima25
Verified member
Cryptocurrency's future hangs by thread in India. It has been swinging between being legal and illegal. And so far nothing clear has come out from the government. Though many Indians are involved in cryptocurrency, there are many like me who refrain from it as there is no clear cut laws and views from the government. It has never been encouraged by the government. Off late, cryptocurrency discussions made headlines and government said that it would soon come up with a clear law and plans about it.
A couple of days back, Finance minister of India presented the annual budget for the country. And it was clearly mentioned that there would be tax charged on any crypto gains. Government made it clear that one has to pay 30 percent tax on any crypto gains that they make. Government was also very loud and clear that this doesn't imply that cryptos are legalised or got a legal tender in the country. So, that still discourages people to involve in cryptocurrency market.
However, there was a big announcement that India's RBI ( Reserve Bank of India), the central regulating bank would soon launch a digital currency of its own. It's announced that India will soon have its own digital rupee. And it should be a reality by April 2023. That currency would be a legal one. This digital currency would use Blockchain like other cryptocurrency.The rules and laws around that currency would be out later.
How should one look at this decision? Is it a beginning of crypto acceptance in India? Does this mean that the government is opening up towards accepting cryptos and legalising it with clear cut laws and regulations?
Share your views about the same.
A couple of days back, Finance minister of India presented the annual budget for the country. And it was clearly mentioned that there would be tax charged on any crypto gains. Government made it clear that one has to pay 30 percent tax on any crypto gains that they make. Government was also very loud and clear that this doesn't imply that cryptos are legalised or got a legal tender in the country. So, that still discourages people to involve in cryptocurrency market.
However, there was a big announcement that India's RBI ( Reserve Bank of India), the central regulating bank would soon launch a digital currency of its own. It's announced that India will soon have its own digital rupee. And it should be a reality by April 2023. That currency would be a legal one. This digital currency would use Blockchain like other cryptocurrency.The rules and laws around that currency would be out later.
How should one look at this decision? Is it a beginning of crypto acceptance in India? Does this mean that the government is opening up towards accepting cryptos and legalising it with clear cut laws and regulations?
Share your views about the same.