• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / India working towards a “balanced” crypto law: Source
India working towards a "balanced" crypto law: Source

India working towards a “balanced” crypto law: Source

November 8, 2021 by Lipika Deka

India’s leadership is contemplating how to take a balanced stance on cryptocurrencies. The government is in the process of finalizing legislation on the crypto-asset industry which may be presented this year in the coming winter session of Parliament. A source close to the administration revealed that an absolute ban on cryptocurrency would be extreme and unfeasible considering the large-scale investments by both retail and institutions in India.

The government source speculated that the upcoming laws will be more balanced and is likely to address all relevant concerns of the stakeholders. In an interview with a leading newspaper, the person stated,

A balance has to be found. A middle path that balances the concerns of all stakeholders is more likely.

Recently, a meeting was held in the presence of policymakers, including from the finance ministry, which discussed the benefits and pitfalls with regards to other country’s regulatory stances on the cryptocurrency industry. The detailed presentation also weighed in on the crypto investments steered by Indians.

To top that, the Reserve Bank of India’s [RBI] position on the issue was put forward in the meeting. The gov representative divulged that the taxation part arising out of crypto trading would be discussed and finalized in the next scheduled presentation. The source also mentioned it would then go to the Cabinet for final considerations after the legal vetting.

Indian gov’s position on cryptocurrency

Previously, a high-profile government panel proposed a total ban on all forms of cryptocurrencies back in 2019. Subsequently, it had introduced a fine of up to $33.74 million and jail terms of 10 years to any individual dealing in them.

The hard-stance drastically changed when in August this year, India’s Finance minister Nirmala Sitharaman had stressed that the government would not put a blanket ban on the crypto assets but would instead adopt a “wait and watch” approach to understand how this emerging sector would benefit the fintech industry at its maximum potential.

To sum things up, the Indian government and the regulatory agencies have so far failed to provide much-needed clarity in finalizing the rules that could benefit the crypto players and other stakeholders. Only time will tell if the authorities are able to stitch a “balanced” yet progressive crypto law.

Filed Under: News, Blockchain Tagged With: Crypto Laws, Indian cryptocurrency market

Primary Sidebar

Recent Posts

  • Litecoin’s Confidential Transactions Lead to Warnings by Korean Exchanges May 24, 2022
  • The Intruder Who Visited Do Kwon’s Home Speaks to the Public May 24, 2022
  • eBay teams up with OneOF to release the first-ever “Genesis” NFT collection May 24, 2022
  • Gafisa, Brazil’s Real Estate Giant Embraces Bitcoin May 24, 2022
  • Crypto Lottery: Winner Takes All May 23, 2022

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2022 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.