People in India are still worried about the future of cryptocurrency, should or shouldn’t they invest in it? Is it just temporary or is crypto really the future? Is it a scam or is it legit? What if the government bans crypto? Is it legal to use crypto?
You must have found yourself thinking about these questions. This article will help you know the future of cryptocurrency.
Last month, Jayant Singh, chairman of Parliament’s Standing Finance Commission, said at an online event that the Government of India would take a “unique approach” to regulate India’s cryptocurrencies. This statement was issued when cryptocurrencies were not yet regulated in the country. India has a strong foundation for crypto investors and exchanges. But investors are still in the dark about the future of cryptocurrencies.
We can not call crypto illegal just because it is not authorised by the government.
It is speculated that the cryptocurrency bill will be deliberated in Congress this winter. Its goal is to define and classify cryptocurrencies according to the technology used. Inter-ministerial agencies on cryptocurrencies have recently proposed treating cryptocurrencies as digital assets rather than currencies. There is also speculation that government-enforced crypto coins could become the norm.
Amendments were introduced to the Companies Act in April. Due to this transparency, digital assets and the profits they generate may be counted as capital assets associated with capital gains tax. However, companies are not yet convinced of how to handle different types of profits and incomes in this regard.
There are few companies who have started using crypto as a payment, which is a big step so the chances of crypto being banned will be less, but you never know what decision the government makes.