India Decides To Regulate Crypto While Market's On Sale!
Great News!
Are you exhausted after looking at the markets this morning? No worries, I have great news for you. Finally, someone put sense into India's highly incompetent and illiterate government. It's not thinking of banning Cryptocurrencies in India but regulations are coming. Central Bank Digital Currency (CBDC) by Reserve Bank of India (RBI) is most probably coming as well! It's disgusting to think that I will have to pay taxes on my hard-earned crypto/profits. But I will take it. At least we are moving forwards unless the govt. jinx it again.
What's Happening!
Although I don't trust Indian media but both Nirmala Sitharam, Finance Minister, and Anurag Thakur, Minister of State for Finance and Corporate Affairs have expressed their positive views towards the crypto sector during their recent interviews.
Points to be noted from the above article:
- Subash Garg Committee Report, which proposed the ban on crypto & 10-year jail term for violation, is called out-fucking-dated.
- A fresh committee of experts will be formed by the government to study the space
- It will explore the benefits of Blockchain Technology and suggest ways to regulate the usage of cryptocurrencies
- It will also explore the possibility to launch CBDC as suggested by RBI
- Finance Ministry is monitoring the trading volumes to estimate the scale of the industry
- The Crypto & Regulation of the official Digital Currency Bill, 2021 is expected to put for discussion in the monsoon session of the parliament
Recently banks have become a pain in the ass of exchanges. There have been instances where exchanges have accused some of the nationalized banks of not providing services ignoring the supreme court order. These banks informed exchanges about this unofficial ban comes directly from the RBI. This has created several hurdles for investors to buy or sell their favorite crypto. The news that came out today is a great sign for the crypto enthusiasts in the country.
Crypto Is Booming In India
I am sure by now everyone has realized that India's Crypto community consisting of more than 15 Million people is growing bigger every day. Nobody can ban bitcoin, right? It's permissionless! Banks & governments are not even invited to participate here. By regulating the trading, governments can only tax your income only when you exchange your crypto for fiat and put it into your account. In the future, when the current 'money' system crumbles, crypto will lead the space.
I am hopeful to see a positive approach from the government towards crypto and blockchain. The sector is booming anyway. So keep stacking while these folks figure out their own shit. This is the best time to get into the market and take strong positions. Bloodbath = SALE. Do not miss it! Cheers.
What do you guys think about this news? Does regulation help this space to thrive within the country? Does it help in protecting the interest of investors? Or is it just a ploy from the government to exercise more control? Comment below!
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The banks and financial institutions is creating havoc among crypto traders...
Screw them! They have to fight more than 15 million people. Let's see how it's going to end.
The Chinese is doing it in easy way..so it won't leave India behind....now patm too stopped all tie up with crypto exchanges....thi gs are developing very fast and quick.
Were you able to avoid paying taxes before? In the US we have to pay regardless.
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Yes, I was able to avoid taxes to some extent. The new regulations might introduce a new slab of taxes for crypto investors. But it will take a lot of time for them to understand this.
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I am happy to know more and more people joining the crypto community...
Me too @razackpulo.pob. It's amazing to see our local and global family growing.
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