India will Frame Cryptocurrency Law after Global Consensus.

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India will Frame Cryptocurrency Law after Global Consensus.
01 Apr 2022
6 min read

News Synopsis

India is planning to frame cryptocurrency law only after a global consensus regarding regulating these assets is released, according to a person familiar with the matter. The person on the condition of anonymity informed that no law to either regulate or tighten provisions for these virtual assets is coming anytime soon by the Government of India. Recently, in the latest Union Budget announced on February 1, the government announced a 30% tax on income from digital assets from April 1. This decision has made trading and transaction of cryptocurrency more expensive. Earlier, it had planned to come up with legislation to make the government’s stand clear on the matter. Prime Minister, Narendra Modi while addressing the World Economic Forum in January told a global uniform approach on cryptocurrencies is required and initiatives by one nation will not be enough. The Central Bank has opposed making digital currencies private, equating them with Ponzi schemes, and said they were a threat to financial sovereignty. As per the report by Chainalysis, the Indian market grew 641% from July 2020 through June 2021.

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