In the vast, mysterious land of India, where elephants roam and spices abound, a surprising revelation has emerged! The Indian government, once a stern opponent of crypto, now contemplates a change in their regulatory stance.
As reported by Reuters, Ajay Seth, India’s economic affairs secretary, acknowledged that digital assets “Pay no heed to borders,” hinting that India doesn’t wish to be left behind in the race of digital revolution.
This potential shift in policy comes amidst a new tax of up to 70% on previously undisclosed crypto gains, as per India’s Income Tax Act. Quite the whopping sum, wouldn’t you say? 😲
The ever-evolving stance of the Indian government mirrors the high-stakes game theory proposed by crypto analysts and Bitcoin maximalists. The idea? That adoption by one or two countries would ignite a frenzy among global powers to hoard digital currencies.
India: Land of Punitive Taxes and Central Bank Digital Currencies 🌐
The Indian government imposes a 30% capital gains tax on digital assets, treating gains from long-term investment and short-term trading as one and the same. Amit Kumar Gupta, a legal eagle at the Supreme Court of India, described these taxes as draconian measures aimed at suppressing permissionless blockchain technology.
Gupta further shared that the Indian government perceives cryptocurrencies as “Worse than gambling,” and enlightened CryptoMoon with this gem:
“Their stance is that we are not going to use or allow anyone to use cryptocurrency because this technology is only for money laundering and terror funding — these kinds of activities.”
Shaktikanta Das, the former Reserve Bank of India governor, lauded the central bank’s CBDC pilot program, hailing CBDCs as “The future of currency.” Das went on to say:
“India is embracing a CBDC-driven economy, leaving conventional currency in the dust.”
As Das stepped down, the Reserve Bank of India announced plans to expand its cross-border payment platform in November 2024, eagerly seeking new trading partners. The bank is exploring CBDCs as the primary settlement mechanism between countries using the cross-border payment platform, which will likely take the form of a wholesale CBDC.
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2025-02-02 19:27