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According to a recent statement by India’s Minister of Electronics and IT, Rajeev Chandrasekhar, there will be no problems with crypto trading in India if all regulations are followed.
His statement comes amid India’s G20 presidency and central bank calls for a blanket ban.
No “Crypto Outlaws”
“There is nothing outlawing cryptocurrencies today as long as legal procedures are followed,” the minister said.
Last year, the government proposed imposing a 30% tax on the proceeds from the sale of cryptocurrencies. However, they declined to comment on the legitimacy of the asset class.
Meanwhile, the central bank still insists on a complete ban on cryptocurrencies before the 2023 budget is announced. RBI Governor Shanktikanta Das recently argued that classifying cryptocurrencies as financial assets is inappropriate. Das has claimed in the past that the cryptocurrency sector could lead to the next financial disaster.
At the same time, the domestic industry awaits regulatory review by the administration at the next budget session. The government may therefore be able to provide some latitude to the asset class in the coming weeks based on the IT Minister’s statement.
G20 Presidency Affecting Crypto Trading in India
The Observer Research Foundation (ORF), an independent think tank, said in a recent release that regulation of cryptocurrencies could ensure consistency with more general financial and economic policies in the country. rice field.
Sauradeep Bag’s post also highlights India’s role as the G20 Presidency. The memo added that India will host 40 meetings across the country as part of her G20 presidency’s financial track. Under this regime, India could regulate cryptocurrency assets and other financial sectors.
Therefore, India could play an important role in asset class legislation. Mr Chandrasekhar also said the Indian government wants the country to become a producer of technology, not just a source of manpower.
That said, the country is still working to address investor safety concerns. The Indian programmer was reportedly defrauded of $6,400 between January 1 and January 15.
In December 2022, the capital’s police reported that a group of cryptocurrency investors had been scammed out of $61.5 million by pretending to receive alpha returns.
Disclaimer
BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.
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