According to Ajay Seth, India enacts cryptocurrency-related measures with this India’s cryptocurrency market could thrive.
The optimism of lakhs of crypto holders in India was dashed when neither cryptocurrency nor blockchain technology was mentioned in the country’s union budget for 2023. Many members of the Indian cryptocurrency market hoped that the hefty crypto tax, which came into effect in March 2022, would be somewhat lessened. India’s cryptocurrency plunged after the new rules imposed in last year’s budget. However, the Finance Bill for this year contains several new tax fines linked to cryptocurrency tax deducted at source (TDS). In this regard, Economic Survey 2023 claimed the need for a sensible strategy to govern India’s cryptocurrency ecosystem. According to Ajay Seth, the country’s Economic Affairs Secretary, India enacts cryptocurrency-related measures this year.
Cryptocurrencies like Bitcoin and Ethereum should be forbidden, says, the central bank of India. Shaktikanta Das, governor of the central bank, recently noted that cryptocurrency might weaken the authority of the banking system. If cryptocurrency is permitted in India, the RBI would no longer be able financially supervise transactions. The notion that cryptocurrency is a financial asset is baseless.
For 2023, India will retain the G-20 presidency. A key player in the governance of the global economy is the G20, a leading forum for economic cooperation across borders. According to reports, Minister of Finance Nirmala Sitharaman, in a post-budget interview said that she will design a solution to a worldwide standard operating procedure for governing crypto assets in the forthcoming G20 summit. The inaugural G20 summit of the central bankers and finance ministers is slated to take part on February 24 and 25 in Bengaluru, under India’s governance
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