Crypto Bill on Winter session of the parliament
Drawbacks to Governments:
– Money inflow/Outflow not able to track
– Agents misleading youths to invest in crypto
– Money laundering and terrorists funding
– El Salvador – Legal Tender – USD – INR[Indian Rupee]
– Indian Central Bank governor, Shaktikanta Das’ anti-crypto statements, asserting that virtual currencies are a very serious concern
– Karanataka Scam – Hacker Arrested – 1,20,000 bitcoins – 2000 Bitcoins
Regulate:
– Cryptocurrency will not be treated as Currency instead will be treated as Asset
– Tax on Earning and GST on service for transaction
– Restriction in Advertisements
– Not using Cryptocurrencies as payment
– 18% TAX, 30% TAX(Dream11), 50% TAX
“Crypto Finance Opportunities and Challenges” Meeting:
1. No idea in banning crypto
2. Regulatory measures will be taken
3. Tax will be imposed
4. Money laundering and terrorists funding should not happen, so discussion on how to do that
5. Many countries are adopting crypto, so we should also follow them in order for a bright future.
6. Blockchain technology is a very welcoming step.
7. Discussion with major crypto exchanges will be held like wazirx, coindcx, Bitbns, coinswitch kuber etc to discuss about various issues.
8. Again they have highlighted there’s no ban in crypto, only regulations will be done in the next coming bill as crypto finance bill.
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