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Indian legal experts have reportedly said that it’s not too for too late to ban cryptocurrency. Even though there is a call for a total cryptocurrency ban by Central bank which is the Reserve Bank of India (RBI). It is reported that the Swadeshi Jagran Manch (SJM) is an affiliated group of the nationalism-oriented Rashtriya Swayamsevak Sangh. And also adopt a resolution calling for an absolute ban on cryptocurrency. The Indian finance ministry government is working on the crypto bill prior to submitting it to the parliament.

In the midst of all the controversy regarding the regulation of crypto in India Legal experts have provided their perspective about the situation. Additionally, Legal experts think that a total block on crypto in India is a last-minute move.

The crypto market in India is currently in an impasse in the present. There are a variety of groups in India that have discussed the issue. Some are in favor, while others oppose. While the overall consensus in the crypto community is positive. There’s nothing more information about the position of the government on the matter.

The Indian government is under pressure from its central bank as well as the Swadeshi Jagran Manch (SJM) to totally complete ban cryptocurrency.

The Reserve Bank of India (RBI) has stated at its most recent meeting of its Central Board of Directors that crypto needs banning completely and that any partial ban would not effective. In addition, the Swadeshi Jagran Manch (SJM) which is one of the affiliates of nationalist Rashtriya Swayamsevak Sangh. And also approved a resolution requesting the complete ban of cryptocurrency.

Although the government hasn’t announced in a formal way about whether. It will restrict or regulate cryptocurrency Legal experts have said that it’s too for too late to ban cryptocurrency.

“The government is examining crypto currencies as instruments for investment and is planning to regulate the use of these instruments. In terms of income tax regulations cryptocurrency are likely to be consider assets, and therefore attract capital gains. GST as well as TDS are two other areas in which the legal position isn’t quite clarified.”

Badri Narayanan executive partner at Lakshmikumaran and Sridharan Attorneys quote

Legal experts have stated that a comprehensive regulatory system requires. They also said that India’s crypto-based approach cannot compare to developed countries due to the difference in the regulations for foreign exchange. Narayanan added that it could be difficult for regulators to block Indians from transferring crypto-based payments to foreign countries.

In the past, International Monetary Fund (IMF) chief economist Gita Gopinath warning that ban cryptocurrency will pose practical issues due to their decentralization. She stressed the necessity of a global cryptocurrency policy. It is reported that the Indian cryptocurrency bill scheduled for discussion during the parliament’s winter session was not voted on the government is said to be working on the bill.

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