Indian Government will bring a "Well Consulted" Cryptocurrency Bill : Finance Minister Of India

Finance Minister of India

 There is a positive news from India. The Indian Government is not looking to ban CRYPTOCURRENCY, but to regulate them asset class. The Securities and Exchange Board of India ( SEBI ) , will regulate CRYPTO Market. According to a Cabinet Note Citizens of India will no longer be allowed to either hold their Cryptocurrency assets on foreign exchanges nor in private wallets. The note also include the citizens of India need to declare their CRYPTO assets and keep them on Indian Exchanges.

 Once the Crypto-Bill becomes law, people will be given some time to transfer their holding to meet these requirements. According to Finance Minister of India Mrs. Nirmala Sitharaman, The Crypto bill is pending approval from Cabinet before it can be introduced to the Members of Parliament ( MPs).

• Crypto Bill can take India to the forefront of Blockchain Technology : Industry Expert 
• Indian Government will bring a "Well Consulted" Cryptocurrency Bill : Finance Minister Of India
• Unregulated Speculation about the Developments in Crypto Space is Unhealthy : Finance Minister Ms.Nirmala Shitaraman
• Government of India looking to add Cryptocurrency to Tax Law 

All those found violating The Exchange provisions will be penalized with Criminal Imprisonment of up to one and half years. and Penalties will be Rs. 5 crore to 20 crore. If someone, using these assets for Terror related activities , the provisionsof the Prevention of Money Laundering Act ( PMLA ) will apply with suitable amendments.

Finance Minister Ms. Nirmala Sitharaman said , " The risk of Cryptocurrency going in the wrong hands is being monitored. Finance Minister also mentioned that there is no decision to stop advertisement of Digital Currencies. She further added that the Government will not recognize Bitcoin as a currency in the country and The Government does not collect data from Bitcoin transactions.

The Government of India is considering amending Section 26A of the Income Tax Act & the Annual Information Regulation ( AIR), which shows data on all investments made by a taxpayer . There is a recommendation to add the words Cryptocurrency ,
Crypto Assets or Digital Currency in some parts of the Income Tax Act. This would mean that those filing tax returns will have to specifically disclose their income from Cryptocurrency investment or trading. 

Also Read :

 India : The Largest Crypto Market in Future

Shiba Inu Game : The Future of Gaming Industry

 

Cryptocurrency BAN in India? Will cryptocurrencies be banned or regulated?

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Will cryptocurrencies be banned or regulated?

India is one of the world’s fastest-growing markets for cryptocurrency trading. It’s one of the biggest in the region and
expanding rapidly. An October report from  a crypto-analysis firm, found the Indian market grew 641% over the period from July 2020 through June 2021. As a whole, central and southern Asia was the fourth-largest crypto market studied, with more than $572.5 billion in value received during that period, or 14% of global transaction value. Cryptocurrency experts believe that since a cryptocurrency lacks any inherent value or liquidity, it may prove difficult  to ban the tokens, which could be called an asset, a commodity, a currency, or even a security. According to experts,  millions of people around the world could theoretically hold such a currency, which are basically pieces of code that can’t be ‘banned’ and also agree to use it as a medium of exchange, which will then lend it value.

Amid rising concern over the serious threats to the macroeconomic and financial stability of the country, India is set to propose a new cryptocurrency bill in parliament in the winter session.

According to a bulletin issued by the Lok Sabha on Tuesday; The crypto industry is hopeful there won’t be a complete ban on Cryptocurrencies. “The bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of Cryptocurrency and its uses,” It also seeks “to create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India.”

There are a few things you should know and do:

• The bill that government wants to pass is to ban private cryptos.
• Do not get panic and wait for the proper bill to pass above this.
• Go and find the virtual currencies that you hold are private or not.
• Sell your private currencies as fast as you find the best deal.

INDIA : THE LARGEST CRYPTO MARKET IN FUTURE

 India will be The Largest Crypto-Market in near future.

It’s amazing how much things have changed in a year. 

In March 2020, The Supreme Court had abolish the RBI circular  that stopped banks from providing services to cryptocurrency exchanges. India has changed it's mind set very dramatically.

Now, Young investors in tier 2 and 3 cities, who don’t understand much about the stock market, have taken  to virtual currencies such as Bitcoin, Ethereum, Cardano and $Shiba. According to Industry estimates there are 15 million to 20 million crypto investors in India, with total crypto holdings ofaround 400 billion rupees ($5.33 billion). For CoinSwitch Kuber, which recently became a unicorn, the average age of over 11 million users is 25 years. And 55% of its users are based in large cities like Delhi and Mumbai. For CoinDCX, the other crypto unicorn, 75% of its investors are aged between 20 and 34 years.Now a days, you switch on any Television Channel  and you see ads showing Bitcoin as a great investment instrument. Top Bollywood actors, Ranveer Singh to Ayushmann Khurrana, are seen promoting CoinSwitch Kuber and CoinDCX respectively. Bollywood actors are launching their non-fungible tokens or NFTs, 

which are bought and sold using cryptocurrencies. As per a report, over 10 million crypto investors were added by India in 2021. 

Lot's of Global Player in Crypto are waiting to enter into this largest Market. One Singapore-based largest virtual currency exchange Coinstore has begun operations in India in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies. In an interview Mr.Charles Tan, head of marketing at Coinstore told ," With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," Mr. Tan also said, "Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring and development of crypto-related products and services for the Indian market. Coinstore is the second global exchange to enter India in  recent months, following in the footsteps of CrossTower which launched its local unit in  September this year.

What is CRYPTOCURRENCY ?

Cryptocurrency

Cryptocurrency is a digital payment maintained by a network of computers that uses cryptography to authenticate transactions. 

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

The word “cryptocurrency” is derived from the encryption techniques which are used to secure the network.

Blockchains, which are organizational methods for ensuring the integrity of transactional data, are an essential component of many cryptocurrencies.

Popular CRYPTOCURRENCY 

Cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.

Cryptocurrencies are systems that allow for secure payments online which are denominated in terms of virtual "tokens," which are represented by ledger entries internal to the system. "Crypto" refers to the various encryption algorithms and cryptographic techniques that safeguard these entries, such as elliptical curve encryption, public-private key pairs, and hashing functions.