Bitcoin Regulation: After a Global Consensus, the Government will Pass a Law on Cryptos.,
According to a Bloomberg report citing sources, the government.
will introduce legislation on cryptocurrencies only after a global consensus on their regulation emerges.
According to the report, the government has no plans to pass legislation to regulate cryptocurrency or tighten regulations anytime soon.
As of now, the legal status of cryptocurrencies is unclear because there is no legislation in place to regulate them in the country.
Investors said the provisions in the Union Budget tax proposal on cryptocurrencies effectively legalized crypto trading.
Bitcoin Regulation: After a Global Consensus, the Government will Pass a Law on Cryptos.,
Finance Minister Nirmala Sitharaman, on the other hand, has stated that taxing
cryptocurrencies does not imply that they are legal.
The situation is still being looked into.
Sitharaman also stated that the government will announce its stance on cryptocurrencies after the ongoing consultation process is completed.
The Reserve Bank of India has warned people against investing in cryptocurrencies in the past. RBI Governor Shanktikanta Das.
has said that these digital assets lack the underlying value of even a tulip, referring.
to a speculative bubble that engulfed the Netherlands in the 17th century.
The Union Budget for 2022 proposed a 30% tax on profits earned from the sale of all crypto assets,
with a 1% tax deducted at source on all such transactions.
Bitcoin Regulation: After a Global Consensus, the Government will Pass a Law on Cryptos.,
The new rules went into effect on Friday (April 1). According to the new rules,
During a press conference in February, Sitharaman stated that the government and Reserve Bank of India (RBI) are “on board”.
with regard to the treatment of cryptocurrencies and that discussions on the regulatory treatment of such digital virtual assets are ongoing.
“We are all discussing prior to the Budget,”
she said.”Discussion is ongoing, and we will continue to have discussions.”
Bitcoin Regulation: After a Global Consensus, the Government will Pass a Law on Cryptos.,
Sitharaman also stated in the Rajya Sabha that the government.
will decide whether or not to ban cryptocurrency later, and that taxing transactions do not legitimize it.
