Government Rules Are Becoming A Hindrance To The Growing Crypto Market In India
The Indian government doesn’t have a clear stand for Crypto, so there are no clear rules in India. But recently Finance Minister Nirmala Sitharaman gave a statement regarding Crypto and this is clearing a stand towards Crypto so let’s talk about this statement. However, it is not 100 percent clear but it clears a little. So recently Nirmala Tai took a stance against cryptocurrency according to her, cryptocurrency should not be considered as a currency also she said the banks should not use crypto assets as traditional currency but be used for trading, speculation, and profitability.
However, he agreed on global crypto regulation and he wants G 20 to prepare the regulatory framework for the cryptocurrency. According to her crypto is used for Terrorism activity and drugs, and according to her, this is a concerning thing however this type of activity is happening by using all other currencies especially Fiat and Papermoney so why is she just targeting the cryptocurrency? It seems like she doesn’t want to get knowledge regarding cryptocurrency or she knows everything but she is finding her benefit by not supporting cryptocurrency.
I said earlier and also saying now that the current government will not think positively regarding cryptocurrency and this is 100% clear. So if you have any hope from this government then you should not do this and stick with decentralisation. Other side RBI is also against cryptocurrency and we have seen this in the past many current statements by the RBI staff show a stance of RBI against cryptocurrency. in 2018 RBI banned cryptocurrency completely and after fighting against RBI in the Supreme Court Indian crypto community won the case.
In other countries, crypto adoptions are increasing but the Indian government keeps talking nonsense regarding Crypto and always showing their negative stands on crypto because of this Indian Crypto exchanges will get a loss because Indian investors will not trust more especially those new crypto investors there are already many crypto users who left the Cryptocurrency Field because of these issues and government making this issue bigger and making difficulties for the Indian Crypto investors and Indian Crypto exchanges. Crypto is the next big revolution and it is a future for the people but it seems like India is behind in accepting the technology and that is what happening currently.
They consider crypto as gambling which is why they have imposed higher taxes on the cryptocurrency that is why the Crypto community is in danger because, in this situation, it is difficult to grow. However, what is your opinion regarding this information let me know in the comments section I’ll meet you in my next blog till then take care have a good day.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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soon big countries going to accept crypto and india governemnt will also accept it, soon bank giving link to depost withdraw crypto, in many countries, etf approved and now this step is going to on