Crypto holders - turant bech do ? - YP Buzz CryptoCurrency

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     The central government will not allow a complete ban on cryptocurrency in India, according to sources. To regulate cryptocurrency trading in the country, the central government is set to introduce a new bill during the next winter session in Parliament. Earlier the Center had established a panel to study issues related to digital currencies and suggested specific actions regarding cryptocurrencies.

                                                                        

Crypto Ban

The long-awaited cryptocurrency bill is likely to block all private funds in India, with the exception of one, according to a report on the Lok Sabha website. A panel of ministers has recommended that all cryptocurrency cryptocurrencies, with the exception of any tangible currency issued by the state, be banned in India, according to reports.


However, industry experts believe that there will be no ‘clothing ban’ on cryptocurrency in India. “The market value of bitcoin is over $ 1 trillion. Over the years it has changed from a guessing tool to a value store. All other cryptocurrencies are compared to bitcoin for use. The government had previously stated that they wanted to separate crypto based on use cases. In line with that, it is likely that bitcoin will be considered as an asset class, "said Edul Patel, CEO and founder of Mudrex, the global crypto investment platform.


Cryptocurrencies are not taxed in India right now, but taxpayers need to declare their profits on investing in crypto. The rules and regulations regarding tax on cryptocurrency are still in its infancy and will take some time before it takes a firm stand. Regarding the securities tax in India, Kristin Boggiano, Member of Blockchain and Crypto Assets Council (BACC) said, “We believe that profits from cryptocurrencies kept for more than 36 months will be considered a long-term benefit. However, short-term gains will be categorized as short-term gains. The tax rate on these profits will vary depending on various factors such as how popular Crypto investments are in India, their effect on the total government rate, the impact on the exchange rate of the rupee compared to other international countries among others. "


The definition of a draft bill is the same as that stated in the Lok Sabha Secretary's report in January, ahead of this year's budget session. Much has changed since then, say industry experts.


Recently, Prime Minister Narendra Modi held a meeting with officials about the cryptocurrency scenario in India and the way forward. Central government sources had earlier stated that they were looking at a “forward and continuous” regulation on cryptocurrencies. After the meeting, a parliamentary committee on finance met to get ideas from various stakeholders in the industry.


Earlier in May, the finance minister had said it would take a very limited position in crypto and digital currency as the world moves faster with technology. At an event last week, PM Modi said, "Take cryptocurrency or Bitcoin, for example. It is important that all democracies work together on this and ensure that it does not end up in the wrong hands, which could harm our youth."


“Although the draft version of the draft bill appears to be similar to that of January 2021, a few significant developments have taken place since January. First, the Parliamentary Standing Committee has invited public consultation, and our own Prime Minister came forward to call for crypto laws in India. That being said, let us respectfully wait to find out more about the bill that will be introduced in Parliament, ”said Nischal Shetty, founder, WazirX.


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