IS CRYPTO CURRENCY LEGAL IN INDIA ?
Crypto currency is the digital currency which is developed by a process called mining using an advanced technology known as block chain technology. In India there are various people who invest in crypto currencies as it has the maximum return rates. Business tycoons such as Elon musk and various other famous personalities have invested in crypto currency thus making it more and more popular.
According to an internal analytic report India has invested around 6.6 billion dollar in crypto currency. With such huge capital investment in the sector it becomes a very important question that weather the crypto currency is legal or not?
At present in India there is no law which regulates the crypto currencies but it does not means that crypto currency is purely illegal actually there is no legal framework to safeguard investors so the central government is all set to pass The Crypto currency and Regulation of Official Digital Currency Bill in the Parliament during winter session.
The new measure aims to outlaw private cryptocurrencies while also laying the groundwork for the Reserve Bank of India to create an official digital currency. Crypto specialists are optimistic that the government of India would not impose a blanket ban on cryptocurrency. It’s possible that the Centre may recognise it as an asset, similar to real estate, stocks, or gold. The government will then charge capital gains tax on any income derived from the sale of crypto currency.
In India, the central government has decided that cryptocurrencies will not be accepted as legal cash. This implies you won’t be able to eat at a restaurant and pay in cryptocurrencies. Similarly, you cannot take your cryptocurrency to a bank and request that it be turned into rupees.
So far, only a few nations, such as El Salvador, have accepted crypto currencies as legal cash. The Union government stated in Budget 201819 that it would “take all efforts to eliminate the use of thecrypto assets in financing illicit activities or as part of the payment system.
In the emerging digital and advanced world the importance of crypto currency is well recognized. The bill is unlikely to outright ban crypto currencies, but it will regulate them. According to NDTV, India’s crypto currency exchanges would be regulated by the Securities and Exchange Board of India (SEBI). Citizens of India will be compelled to keep their crypto currencies on Indian exchanges solely – the proposed legislation are said to make it illegal for users to maintain their funds on worldwide exchanges or in private wallets. People will have a set length of time to move their funds after the bill is enacted, after which they may be penalized in the range of 5 crore to 20 crore. The government, according to Sitharaman, is actively monitoring the hazards that crypto currencies pose. India intends to alter its Prevention of Money Laundering Act (PMLA) to include measures for crypto currency activities, most likely as a result of this.
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