Tags: Crypto Market
India’s Crypto Consumption Sees Eye-Boggling Rise

Indian PM grows very vocal on crypto

 Indian Prime Minister Narendra Modi has grown more vocal regarding cryptocurrencies.

India seems to be taking a progressive position on Bitcoin (BTC). The country is trying to reach a uniform viewpoint on the categorization and legality of this unique asset class.

The country’s prime minister has grown increasingly vocal about cryptocurrencies among many cabinet meetings, industry debriefings, and mounting banking issues.

At the Sydney Dialogue, Prime Minister Narendra Modi asked for democratic countries to get the most out of cryptocurrencies and blockchain technology. He also declared that they should not be practiced for unethical purposes.

On Monday, PM Modi talked regarding cryptocurrencies in money laundering and terror financing at a high-level meeting. The overall atmosphere throughout the session implied that concrete regulatory measures were on the way, albeit of a forward-looking and progressive nature.

The Indian government has beforehand taken steps to establish robust regulatory support for the fast-growing sector. It has had various high-level discussions, including between the Central Bank (RBI), Finance Ministry, Home Ministry, crypto-experts, and essential industry members from within and outside of India.

 

Ministers still unconvinced

 

Notwithstanding the unbiased viewpoint offered by some government ministers, RBI Governor Shaktikanta Das is still unconvinced. On Tuesday, the executive restated his attitude that providing crypto trading might endanger any financial system since central banks do not oversee them.

Notwithstanding the popularity of cryptocurrencies in India, legislators still can’t decide on a comprehensive regulatory system. A Bitcoin bill is supposed to be presented before the Indian legislature through the next session. Many people are expecting that this will provide investors and organizations some peace and transparency.

As published by Cointelegraph, India intends to reduce the Goods and Services Taxes (GST) on cryptocurrency exchanges from 18% to 1% through regulatory reclassification. Furthermore, Peru’s central bank president recently declared that his country will combine forces with India and two other nations to build its own central bank digital currency, even though crypto regulation is still unclear in India.

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