A government official revealed that India already has the consultation paper on cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. regulation ready.
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- Government of India would have ready consultation paper on crypto.
- India believes a global consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. on cryptocurrencies is needed.
- India insists on 30% crypto profits tax
Inflation in India should moderate in the coming months and the government is ready with its consultation paper on cryptocurrencies, economic affairs secretary Ajay Seth told reporters at an event today in India.
Seth said there was a need to reach a global consensus on cryptocurrencies and India would look at the regulations applied in other countries before deciding how it would regulate.
Also, in this year’s annual budget, the government said it would tax gains gains refer to an increase in value or profit. made through investments in cryptocurrencies at 30%, and in Marchpromulgó una ley. In addition to the high capital capital is most commonly defined as the large sum of money you would use to invest. gains tax, the legislation also imposes a 1% tax deducted at source (TDS) on all digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset transactions, regardless of whether it involves gain or loss, as well as crypto gift taxes, without the possibility of deduction for losses.
The tax legislation went into effectel pasado 1ro de abril.
India and regulation
For quite a few years now India has been debating between banning and regulating cryptocurrencies. It has made clear the absolute necessity of taking a path of control.
It has been over the course of the last year that the issue of regulation over prohibition has been gaining traction. The process of regulating the use of cryptocurrencies in India has been an ongoing issue since the pandemic; however, recent news from an official source suggests that there has been some clear movement.
Ajay Seth, secretario de asuntos económicos de India, dijo a los periodistas hoy que inflation a general increase in prices and fall in the purchasing value of money. in the country should start to fall in the coming months and that the government is ready with its cryptocurrency consultation paper according to a report by Reuters.
Alongside this, although the government promised in this year’s annual budget that it would impose a 30% tax rate on profits produced through cryptocurrency investments, the nation has yet to give the measure the stature of a legally binding law.
But there are concerns. In particular, last week, after the collapse of Terra (LUNA) and the stable currency currency is a medium of exchange that defines value. TerraUSD (UST), the central bank of India, the Reserve Bank of India (RBI), has issued a warning to the its citizens against investing in the cryptomarket.
RBI Governor Shaktikanta Das highlighted the recent fall in the value of the cryptocurrency market an area or arena, online or offline, in which commercial dealings are conducted. as well as the need for a regulatory framework around digital assets.
However, Nirmala Sitharaman, India’s finance minister, said in April that the decision on whether or not to regulate cryptocurrencies would not be rushed. She stressed that the government would take its time to make the decision. In February, it had already been anticipated that there were regulatory agreements by the Central Bank and Ministry of Finance of the Asian nation.
Sources: Reuters , Finbold, archivo
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