Due to gambling-like stances on crypto, by Indian government agencies, many crypto firms are relocating their crypto firms to a safe place.
In India, crypto trading is fully legal under the provision of a 30% tax on revenue generated in every crypto transaction, in the absence of any crypto framework. However, the majority of the government agencies of India suggested bringing ban provisions on the cryptocurrencies but still in recent months, some positive things came from the Finance Ministry of India in favor of crypto & blockchain.
Only a few Indian government officials are in favor of the crypto adoption support but the majority of the government officials are showing their negative stances, without understanding what the crypto & blockchain technology is.
Recently Sushil Kumar Modi, a member of parliament from the ruling party, called Cryptocurrencies a gambling instrument and suggested imposing more tax provisions so that government agencies can generate huge revenue and also at the same time government can degrade the interest of citizens from the Crypto industry.
These things are only resulting in a very bad thing for the Indian crypto industry because the majority of the big crypto Companies are planning to get out of India and want to shift their business to crypto-friendly countries.
The co-founder and CEO of the Indian crypto exchange Unocoin, Sathvik Vishwanath, shared his thoughts on the stance of India on “blockchain, not crypto” and said that the Indian government may continuously look at the crypto industry in a similar way like gambling industry.
“The government continues to see crypto as a betting and gambling alternative due to which they are only ready to support its technology but not tokens on top of it.”
The Indian finance ministry on crypto
However the majority of the Indian government agencies, including the Reserve Bank of India, criticized and suggested ban provisions over the crypto industry, but still, in last month Indian finance minister Nirmala Sitharaman passed a public statement on crypto and confirmed that the Indian government will not degrade this innovative industry but crypto investors needed to wait for a significantly long time to see the crypto regulatory framework in India.