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India’s Government Is Ready With Its Consultation Paper On Crypto

Stefan by Stefan
31/05/2022
in Regulation
Reading Time: 2 mins read
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A Third Of India’s 115M Crypto Users Are Concerned With Regulations
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India’s government is ready with the consultation paper on crypto after it ramped up the efforts to provide clarity for crypto so let’s read more today in our latest cryptocurrency news.

After a few months of consultation with the domestic and foreign stakeholders like the IMF and the World Bank, India’s government is ready to finalize the consultation paper on crypto and according to the economic affairs secretary, they are “fairly ready.” while addressing the reports of the event, the secretary unscored the need of the global consensus to reach on crypto and added that India looks at regulations implemented in other countries before deciding how it plans to regulate the vast industry. He was quoted saying:

“One, our consultation paper is fairly ready and we went into a deep dive and have consulted not just the domestic institutional stakeholders but also the World Bank, and the International Monetary Fund. So we hope that we will soon be in a position to finalize our consultation paper.”

The Indian government is known to maintain the regressive blockchain and not Bitcoin stance which forced most crypto companies to relocate the jurisdiction with a friendlier regulation. The harsh crypto tax laws introduced the annual budget which was passed with almost no recommendation from experts and stakeholders in the system and drive most investors away from the local exchanges. With the new rules, the profits from crypto are taxable at 30% and on the other hand, there’s no provision for setting off and going on with the unclaimed losses.

India’s Regulators, crypto NFO, mutual funds, country

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In another setback, the National Payments Corporation of India which oversees the Unified Payments Interference released an official statement clarifying that they are not aware of the exchanges using UPI. UPI is a commonly used instant real-time payment system that facilitates inter-bank transactions by using a mobile phone. The statement was seen as bizarre by most players including WazirX were offering UPI services on mobile wallets. UPI services for other exchanges serving the country’s ecosystem got disabled.

Coinbase had announced its entry into India as well and suspended operations in the three days. The CEO Brian Armstrong called out the RBI of India and accused the agency of violating the Supreme Court order and putting “Informal pressure” while the bank is keen on launching an in-house CBDC revealing the investigation of the pros and cons of introducing one. Despite the lack of clarity and the hostile regulatory climate, the Indian digital asset market continued to grow and the reprots show that the country made it to the top 3 countries where play-to-earn games are soaring in popularity.

 

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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