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India's cryptocurrency law is based on world common understanding

04 Apr 2022 By : Coin Gabbar
India's cryptocurren

  • As per a source, India would draught cryptocurrency laws only once a worldwide agreement on governing such commodities arises.

According to the source, the government is not planning to introduce legislation to control or restrict regulations anytime soon.

Following years of back-and-forth, the Prime Minister's government suggested a 30% tax on virtual currency revenues beginning April 1, making trade more expensive and bringing such activities on par with enterprises such as horse racing and casinos.

It had previously intended to introduce legislation to clarify the government's position on the issue.

A global consistent approach to cryptocurrencies is required, and efforts taken by a single country would not enough, Modi said in his presentation to the World Economic Forum in January.

The federal reserve board has openly expressed its hostility to individual virtual currencies, comparing them to Ponzi schemes and declaring them a danger to financial independence. Crypto investments have soared in India since the country's highest court overturned Reserve Bank of India regulations in March 2020.

According to an October study from Chainalysis, a crypto-analysis business, the Indian market gained 641 percent between July 2020 and June 2021