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