Opportunity or Gambling: Thoughts Of Indian Government On Cryptocurrency
There always exist differences in points of view about the usage of Crypto in a country. Likewise, in India too, several MPs are of the view that digital coins are not safe for the country. But, another fraction holds the opinion that if India does not support Cryptocurrency, it will be unable to grab the merits. However you may try 1k daily profit trading software to enlighten your knowledge about crypto.
The market of Crypto in India is increasing day by day. Around 10 million users of Crypto are present in India and the size of the market is near Rs. 6,00,000 crores, which is a huge amount. The total part of Crypto in India was not under the regulation of any authority in recent times. But with the recent budget, the Finance Minister of our nation, Nirmala Sitharaman, announced that a 30% tax will be on digital assets. Also, if anyone makes payments for the transfer of these digital assets it is 1% TDS for the same reason. And the receiver of the digital gifts will be liable to pay the tax.
These regulations seem to bring the aspect of digital assets or Crypto under some sort of authority, but many aspects of this are still not made clear. And also, digital currencies are not a legal tender in this nation. The debate about the authenticity of Crypto is still there and how legit are digital currencies is still a matter of confusion. And we can see many political leaders or policymakers discuss it from time to time.
An MP along with being a prominent leader of the political party, Shiv Sena, asks the government to rethink the new tax introduction of Cryptocurrency in the Budget of the current year.
The Harsh Regulations and A Thought On It
The entrepreneurs of India have been thinking about setting up shops abroad due to the hostile reaction to this field by the regulatory authorities. This fact is leading to a brain drain and several CEOs are showing their concern about this issue. Sandeep Naiwal, who is the founder of a Cryptocurrency outlet, and based in Dubai, says that the issue of brain drain is turning crazy.
Another MP of the ruling political party BJP, Mishra is of the view that almost everyone in India knows about digital assets at present time. In this aspect, the nation is on the verge of losing many golden opportunities for employment. All the trading chances are shifting to the countries with Crypto advantage.
But, Modi feels that there are no hard restrictions or rules for the functioning of Cryptocurrency in the nation. He also believes that the technology of Blockchain may have high use in various fields. But at the same time, he requests the youth to stay away from Crypto.
Is There A Future Of India With Cryptocurrency?
An MP of the BJP, Modi thinks that no one can tell when there will be a burst in the bubble called Cryptocurrency and it will destroy millions of citizens on economic grounds. But, Pandey believes that Cryptocurrency will stay in the nation forever and is its future. If the nation does not provide chances to the domestic Cryptocurrency firms, the foreign Crypto exchanges will take this opportunity to develop in the nation. In this way, the domestic Crypto exchanges will never grow the most.
Mishra explains that if the government puts restrictions to discourage the citizens from Crypto, it does not mean they can discourage people. He says that it will be equal to making the citizens dislike Internet usage.
There needs proper education and training about the Crypto to lead an atmosphere of empowerment for all in the nation as it holds huge opportunities with it. But other political leaders warn the citizens to deal with Cryptocurrency with proper caution.
Digital currencies have high employment and trading opportunities with them. India can develop if the correct measures are there to use it in a good manner. People should get a piece of proper knowledge about how Crypto works and what to avoid while investing in it. In this way, there can be the development of digital currencies in India.