Indian government starts crypto reconnaissance campaign-regulation
Indian government starts crypto reconnaissance campaign-regulation
The Indian government starts a crypto-sensitization campaign that is supposed to inform investors about the legality of cryptocurrencies in the country and at the same time highlight the risks of an investment in crypto-assets.
sensitization campaign for cryptocurrencies of the Indian government
According to reports, the Indian government reports a unique crypto sensitization campaign. It is carried out by the investor Protection and Education Fund Authority, a government agency that is controlled by the Ministry of Company Affairs.A government official was quoted by ET with the words:
The campaign will emphasize that cryptocurrencies in India are not legal and that such assets also hide great risks. Any investment in which people are promised lucrative and safe returns is associated with a high risk.
The Indian government has worked on a cryptopolitanism since 2019 but nothing has been completed . The Indian finance minister Nirmala Sitharaman said the government is planning to do this discuss cryptor regulations with the G20 members.
The Indian Central Bank, the Reserve Bank of India (RBI), has long been recommended A Complete " Prohibited on all cryptocurrencies such as Bitcoin and ether, warning of their potential to destabilize the monetary and fiscal stability of the country. That said the RBI-Gouvenur Shaktikanta the recently Next " Financial crisis will come from cryptocurrencies if they are not prohibited. Sitharaman, however, said that both the ban and the regulation were necessary international "> international" Cooperation be effective.
Rajagopal Menon, Vice President of the Indian crypto exchange Wazirx, told The Hindu:
Investments in cryptocurrencies can be a complex and risky undertaking, since the category is extremely volatile and works around the clock. It is important that potential investors find out thoroughly before making a decision.
However, some are concerned that the Indian government's crypto campaign could put cryptocurrencies in poor light, since the investor and Education Fund Authority carried out sensitization campaigns to ponzi systems, chit funds and dubious crowdfunding projects.
Vipula Kharbanda, a non -resident Fellow at the Center for Internet and Society (CIS), was cited with the words:
When the government is stubborn and begins to say that virtual currencies in India are not legal, it will not be quite correct. People can wrongly assume that it is illegal.
Both the Indian government and the central bank said that cryptocurrencies are in India not illegal .
Although there is no regulatory framework for cryptocurrencies, the Indian government taxes crypto revenue with 30 % and has imposed crypto transactions a source tax of 1 % (TDS).
Do you think that the crypto-sensitization campaign of the Indian government will help or harm the crypto industry? Let us know in the comment area below.
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