Preparations for regulation of Cryptocurrencies have started in many countries of the world, but amid signs of Cryptocurrency bills coming in India, the world of virtual currency is in crisis. The Cryptocurrency bill was earlier expected to be introduced in the winter session, but it did not happen. Now there is speculation that the Cryptocurrency bill may be introduced in the budget session. However, it is not clear whether the government will ban private Cryptocurrencies or tax their earnings. On this issue, what the investors and experts in the crypto market have to expect from the budget, know and understand in this report what is the future of Cryptocurrency In India.
L Badri Narayanan of Lakshmikumaran & Sreedharan Attorneys says that the crypto industry has been waiting for the Cryptocurrency bill for a long time. Earlier it was expected that this bill would be introduced in the winter session, but it did not happen. It is expected that this bill will be presented in the budget session in any case, but it is also feared that due to all the difficulties and technical problems, this waits maybe longer. However, the final bill must contain clear information on Cryptocurrencies and regularization related to private crypto coins. The crypto industry expects that in this budget, the government should give clear instructions regarding the tax on income from Cryptocurrencies. The government may bring the buying and selling of Cryptocurrencies under the purview of TDS/TCS. Apart from this, there should be clear regarding GST on the trading of Cryptocurrencies and brokerage, etc.
WazirX CEO Nischal Shetty says that apart from regulating Cryptocurrencies, we hope that the government will also make clear rules regarding crypto taxation. Despite battling several waves of the Corona epidemic, the country’s economy has improved. With the Cryptocurrency regulatory clear, there will be a boom in the crypto sector, which will contribute significantly to making the Indian economy five trillion. We hope that the Union Budget will give clear instructions regarding Cryptocurrencies. Right now it is estimated that it will take a long time for the law on Cryptocurrencies to come into force. In such a situation, at least one direct line on crypto classification must be opened in the budget. It must be declared on its taxation policy. This will not only increase investment in the crypto industry but will also create job opportunities in this sector.
What Is The Future of Cryptocurrency In India ?
Amit Nayak, Co-Founder, and CEO of SahiCoin says that the crypto industry in India has grown tremendously. If we can capitalize on this, then India will be at the forefront of the crypto industry in the whole world. Startup projects in the country are continuously progressing, with the help of which India can become a big player in the crypto market. We are confident that the government will take concrete steps in this matter, which will increase investment in Cryptocurrencies. You can also check here how many types of Cryptocurrencies are there in India.