India’s government is ready with the consultation paper on crypto after it ramped up the efforts to provide clarity for crypto so let’s read more today in our latest cryptocurrency news.
After a few months of consultation with the domestic and foreign stakeholders like the IMF and the World Bank, India’s government is ready to finalize the consultation paper on crypto and according to the economic affairs secretary, they are “fairly ready.” while addressing the reports of the event, the secretary unscored the need of the global consensus to reach on crypto and added that India looks at regulations implemented in other countries before deciding how it plans to regulate the vast industry. He was quoted saying:
“One, our consultation paper is fairly ready and we went into a deep dive and have consulted not just the domestic institutional stakeholders but also the World Bank, and the International Monetary Fund. So we hope that we will soon be in a position to finalize our consultation paper.”
The Indian government is known to maintain the regressive blockchain and not Bitcoin stance which forced most crypto companies to relocate the jurisdiction with a friendlier regulation. The harsh crypto tax laws introduced the annual budget which was passed with almost no recommendation from experts and stakeholders in the system and drive most investors away from the local exchanges. With the new rules, the profits from crypto are taxable at 30% and on the other hand, there’s no provision for setting off and going on with the unclaimed losses.
In another setback, the National Payments Corporation of India which oversees the Unified Payments Interference released an official statement clarifying that they are not aware of the exchanges using UPI. UPI is a commonly used instant real-time payment system that facilitates inter-bank transactions by using a mobile phone. The statement was seen as bizarre by most players including WazirX were offering UPI services on mobile wallets. UPI services for other exchanges serving the country’s ecosystem got disabled.
Coinbase had announced its entry into India as well and suspended operations in the three days. The CEO Brian Armstrong called out the RBI of India and accused the agency of violating the Supreme Court order and putting “Informal pressure” while the bank is keen on launching an in-house CBDC revealing the investigation of the pros and cons of introducing one. Despite the lack of clarity and the hostile regulatory climate, the Indian digital asset market continued to grow and the reprots show that the country made it to the top 3 countries where play-to-earn games are soaring in popularity.
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