CryptoNews

India has no plans to enact new legislation to regulate cryptocurrencies

According to observers, Indian regulators have no plans to create new processes to govern the business in the foreseeable future. We’re discussing whether trade in cryptocurrencies should be prohibited or encouraged.

The sector was not pleased with the 30% tax on crypto revenue enacted in April. For the time being, India’s grip over the cryptocurrency field appears to end. The authorities will await the international community’s conclusion on this matter.

India would consider the global consensus on bitcoin while deciding on the next stages in the legislative process. As a result, the regulatory framework for cryptocurrencies will be developed according to the worldwide perspective on these concerns.

The Indian government has stated that industrial regulation necessitates a global strategy. Prime Minister Narendra Modi, in particular, emphasized this (Narendra Modi). This, according to experts, is the best strategy.

Since the stance of Indian regulators toward cryptocurrencies was previously contentious, investors in cryptocurrencies reacted warmly to this news. Unfortunately, working with digital assets is also subject to bans and criminal responsibility.

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