According to a source familiar with the situation, India would not draught cryptocurrency laws until there is worldwide agreement on how to regulate these assets. As the source requested anonymity because the negotiations are private, he or she said that the government has no plans to either regulate or restrict the terms of the legislation soon.
A spokeswoman for the Finance Ministry was unable for comment at this time.
Digital asset revenue would be taxed at 30 percent, making it more expensive to trade and putting it on level with industries like horse racing and lotteries, according to Prime Minister Narendra Modi‘s government. It had originally intended to introduce legislation outlining the government’s position on the issue.
According to Modi, a global strategy to cryptocurrencies is essential, and efforts taken by one country alone would not be enough.
According to the central bank, private digital currencies equated with Ponzi schemes and constituted a danger to financial sovereignty. India’s highest court lifted limitations placed by the Reserve Bank of India in March 2020, allowing cryptocurrency investments to boom.
The Indian market expanded 641% between July 2020 and June 2021, according to Chain lysis research published in October.
Published By:Â JAINAM SHETH
Edited By : KRITIKA KASHYAP
