Cryptocurrency In India
Since December 2017 cryptocurrency related transactions are officially banned in India. This is due to various illegal activities like Kidnapping, smuggling, No existing crypto rules, price fluctuation, decentralization, and many more things.
I think all of you are aware of this and I am not going to discuss it in detail here. But if you want to know more please leave a gentle comment below I will answer.
So let’s come to the topic cryptocurrency in India. Dear friends due to several complaints submitted by the investors and other analysts financial authorities of India were asked to hold all cryptocurrency related payment.
And Since that time cryptocurrency related case is going on in Indian Supreme Court. And we didn’t get any final judgment till now.
But always a common question arises in our mind. Will cryptocurrency be regulated in India anytime? What will be the future of cryptocurrency in India?
What do Government Authorities say about cryptocurrency in India?
As per the local press Economic Times news almost all government authorities want to ban cryptocurrency related activity permanently.
They don’t want any kind of cryptocurrency exchange, cryptocurrency trading, and cryptocurrency merchant.
But the Indian government never forbid about blockchain and cryptocurrency education. You know very well what I am talking about.
On the other hand, the government department trying to ban all cryptocurrency related activities. This news is taken from the Economic Times website. Read the news on Economic times.
List of Government Authorities Trying to Ban Cryptocurrency:
- DEA (Department of Economic Affair)
- CBDT (Central Board of Direct Taxes)
- Central Board of Indirect Taxes
- Investor Education
- CBIC (Customs Department)
- PFA (Protection Fund Authority)
What is The Area of Interest to Ban Cryptocurrency in India?
Government authorities are trying to ban the following three cryptocurrency related activities.
- Issuance of All cryptocurrency
Is it Confirm for cryptocurrency in India?
No, my dear friends, only authorities are trying to ban it but till now there is no final decision. But soon we will see a final decision on this topic.
And I think the final decision will be beneficial for all of us?
When the Rule of Law Will be Prepared?
The final decision will be seen after the Loksabha election. Actually, the newly elected government will decide what to do or what not to do.
So we have to wait for the current May month. As election result will be declared on 23rd May. Soon we will get some positive news about this.