I was going through some news articles and I found one of the posts in which the Indian finance minister shared a statement about cryptocurrencies. I often read these types of news articles a lot because this way I can keep myself updated. This was something interesting that caught my attention because the subject was more like a warning and I decided to deep down into the article. The Indian finance minister N Sitharaman had shared in the media that cryptocurrency needs immediate global attention to draft the regulatory framework. This is not the first time when she is talking about crypto regulation and I think it is good as long as they can provide a safe environment to the investors.
India is one of the countries where tax was implemented one year back without even doing the proper research that how it is working and what impact the tax rate is going to bring on people who are dealing in cryptocurrencies. Currently in India, the situation for the crypto community is not good because the exchanges are struggling to get payment services I, and government is not ready to listen to them what they are trying to say.
Crypto-related issues have emerged as a major point of discussion among G20 countries with unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue
Recently there was a summit with G-20 countries and the topic of cryptocurrencies was discussed there and global cooperation was expected. Crypto it's something that they cannot ban but yes they can restrict the regulation which will make things difficult for its growth and even it will not be easy for traders to deal with this. This is a decentralized technology where ownership is not with one person it is with the community which is spread across the world. I somehow feel that the Indian government is not going to ban crypto because I am sure they have seen the significant tax collection in the last quarter. They can surely pay more attention to this and if they can build an infrastructure that is favorable for the crypto companies then I am sure the tax collection will increase even more.
I just hope that India follows the trend and does not take any action that can cost us not to be on the front foot then the entire world is moving forward with this new age revolution on the blockchain. Taking the right decision at the right time is very important I ain't even there is a need to revise the tax so that people can trade without worrying about excessive taxation which is another problem for so many traders in the country.
Thank you so much
Stay Safe
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I am feeling very happy that you are sharing such financial matters. I read your post and it motivated me. Thank you for sharing such good content Madam.
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I believe all the governments will finally accept and change their currency to the Crypto, sooner or later
Cryptocurrencies need immediate global attention to draft a balanced regulatory framework. While it's important to protect investors, it's also crucial to recognize the potential benefits, such as increased tax revenue and financial inclusion. In India, the lack of access to payment services is a challenge for the crypto community, and the government and industry stakeholders must work together to address it. Responsible regulation can unlock the potential of cryptocurrencies while also ensuring investor safety.
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Coming with a good regulatory framework is long overdue. It seems that not all of them are on the same page in regards to the matter. I think India can be on the from row when it comes to crypto and blockchain adoption but they need to adjust their taxes on crypto a bit.