Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

India Will Soon Regulate Crypto With New Law Before Budget, Say Finance Minister

CryptocurrencyOct 27, 2021 11:02AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
India Will Soon Regulate Crypto With New Law Before Budget, Say Finance Minister

  • India’s Finance Minister Nirmala Sitharaman has just diclossed that the government will soon regulate crypto with new law ahead of the country’s budget .
  • The law could possibly focus on regulating crypto tax.
  • WazirX CEO shares his opinion regarding the matter.

India’s Finance Minister has voiced out that India will soon bring its new law to regulate crypto in the country. This milestone is expected to begin ahead of the country’s budget. However, people believe this could make crypto a legal asset class in India in a few months. Besides, it is a departure from the earlier approach which proposes a complete ban on cryptocurrencies.

Looking at the incoming proceedings, the government is likely to regulate cryptocurrencies with a tax on transactions. Also, another report from the government states that instead of fighting technology it is rather going to regulate digital assets with precise new laws. In addition to this, the law allows and regulates cryptocurrency as they expect it before the nation’s budget.

A statement from Finance Minister Nirmala Sitharaman reads:

We are very clear not to shut off all options, we will allow a certain amount of window for people to use blockchain, bitcoin, or whatever they want to call it. The cryptocurrency experiments and fintech which depend on the experiment will have that window available for them we are not going to shut it off at all.

Currently, it is worth mentioning that despite the upcoming event, India has a whole set of legal frameworks that govern cryptocurrencies. Even though India is estimated to have not less than 15 million investors.

On the other hand, WazirX CEO, Nischal Shetty shared his opinion regarding India’s new cryptocurrency law and also posted on his Twitter (NYSE:TWTR) regarding the regulation bill next year. In the tweet, he mentioned that “India is finally on the path to crypto regulation.”

Continue reading on CoinQuora

India Will Soon Regulate Crypto With New Law Before Budget, Say Finance Minister
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Randall Paul
Randall Paul Oct 27, 2021 1:51PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the states and Europe are doing the same but making tough regulations on exchanges
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email