Now it is confirmed that India’s crypto regulation or ban decision is fully dependent on the stances on this sector by other countries.
India is a grey region for the crypto sector, neither crypto legal nor illegal. The Indian crypto companies have been providing crypto services on behalf of traditional rules & new crypto tax policies, since Jan 2022. Early last year, the Indian finance ministry imposed a 30% tax on crypto Investors (retailers, crypto companies, & financial institetc. ons, etc.) & additional 1% TDS tax against each crypto-fiat transaction.
On 10 Sep 2023, Ajay Seth, Secretary of the Department of Economic Affairs, in speaking with journalists on the sidelines of the G20 leaders’ summit said that India’s stance on this digital assets sector will come in the coming months.
Mr Seth said that all crypto adoption risk factors have been provided by India to the G20 members and after their final decision & stance, India will give its decision. In short, if the majority of the G20 member countries will support the crypto adoption plan under a global regulatory framework then India will welcome the crypto adoption idea, otherwise will move forward with blanket ban plan, just like China did in late 2021.
The majority of the experts shared their opinion on this statement of Indian government official and considered that there are huge chances for the crypto adoption possibilities over ban ideas.
In late August of this year, in an interview with Business Today, Indian Prime Minister Narendra Modi said that talked about cryptocurrency regulation.
Mr. Modi said that not only cryptocurrencies but also all the emerging technologies in the world need to be regulated under global frameworks.
Indirectly the Indian prime considered Cryptocurrencies as an emerging & innovative technology and suggested a crypto adoption plan, instead of banning ideas.