The government of India is not permitting cryptocurrency in India. It is also said that the government will soon take action and ban it. It is illegal in our country. Other Asian countries use it without any hesitation. The government had argued that they would not permit the dilution of monopoly power over money.
The Indian government is not at all ready for it. However, many Indians love to have cryptocurrencies. Nirmala Sitaram, the new Finance Minister of India had said that they are not banning cryptocurrency. They have some plans and will think about it later on. However, still, the fate of cryptocurrency in India hangs on.
Cryptocurrency for Future
In March 2021, the Indian government took the decision. They made it mandatory to reveal investment regarding cryptocurrency. The researchers are claiming that there is a positive side. Maybe the government is opening the door of cryptocurrency. The question comes that in what form the Indian cryptocurrency will be acceptable. There are always discussions of cryptocurrency in the government. However, we can say that the government is unable to take any sort of information.
K.C. Ramamurthy who is the Rajya sabha member asked several queries. He asked whether cryptocurrencies like Bitcoin impact the regular currency of our country or not. He also made many lists where many many countries show their interest. While some other countries didn’t show their interest in cryptocurrency. He also had taken many steps to stop cryptocurrency from entering India.
On the other hand, Thakur has something to say regarding those countries that are adopting cryptocurrency. He had broadly categorized his statement into four broad points. Those are there in the below.
- Accommodative or liberal – like in an advanced country like Japan.
- Heavily legislated like in the USA.
- Not currently governed, like in India
- Prohibitive, like barring monetary organizations. It is within their borders from facilitating agreements involving cryptocurrencies, like in China.
Is cryptocurrency lawful in India?
Nothing specifically we can say about cryptocurrency. It is not mentioned in the Indian income tax act. There is also no mention of regulations. Reserve Bank of India has not permitted granting bitcoin or any other legal tender status. No specific law is mentioned. However, people are hopeful that soon there will be some cryptocurrency news.
We can say that bitcoin and cryptocurrency are not at all legal in India. The unregulating part is bothering the government.
Howe must give you some advice. Even if cryptocurrency is legal one should invest only that money which they can afford. The report says that almost 7 million Indians have invested their money in cryptocurrency. Other researchers claimed that bitcoin is legal in India. One can easily sell and purchase bitcoin. There is no governing body to look into the matter. So, many Indians are taking the opportunity of it.
The future of bitcoin and cryptocurrency is very unnatural. It depends upon the decision of the Indian government. However, one cannot be sure about it.