June 7, 2023

Great Indian Mutiny

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India will soften its position on cryptocurrency by taking the ‘middle path’

While there are no signs of a halt to crypto adoption, India is leaning towards a neutral position when it comes to regulation. This is especially interesting as rumors are circulating that the cryptocurrency bill will be introduced during the winter session of the Indian Parliament. Recent, however Reports They suggest that your previous hard approach may have been softened recently.

Since the crypto industry already holds a large market share of billions of dollars in the country, placing a blanket ban would be detrimental to a large number of investors. On the other hand, it is very unlikely that legal tender status will be granted.

Therefore, according to government sources cited by the Economic Times, a “balanced” approach should be followed. The source added,

“A middle way is more likely to balance the concerns of all stakeholders.”

The source said that while discussions on various regulatory aspects are ongoing among policymakers, the upcoming filing is expected to finalize the taxation of capital gains earned through crypto trading. After that, the bill is expected to go to the cabinet.

Evidence suggests that policymakers have reached a consensus that the bill should be implemented and that technological advances contributing to the industry should not be ignored. It is alleged that these issues were not adequately addressed in the earlier draft of the bill.

India’s regulatory position on cryptocurrencies changes frequently. From a government committee that called for a total ban on trading cryptocurrencies in 2019 with fines and imprisonment, to the finance minister who assured citizens that “they will see how this technology can help Fintech enhance its capabilities.” This year.

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This may be partly due High levels For adoption and investment, India’s outlook for crypto may be changing due to the emergence of key players.

Two of India’s best crypto exchanges, Coin DCX and CoinSwitch Kuber, recently earned one Unicorn status With more foreign investment from companies like Coinbase and a16z. Also, India’s domestic protocol Polygon It only has a market capitalization of over $ 12 billion.

This is a machine translation of our English version.