Things are moving very fast with the Indian Government and the Reserve Bank of India. Both are working together to bring crypto to the masses very soon. Along with other countries imposing and drafting laws for the incorporation of crypto in their system, India is also realizing its potential in digital assets. Where the Russian government to soon regulate crypto, the UK to draft ‘online Safety Bill’ for blockchain technology-based Metaverse.
Nations are in their power to work with the emerging crypto market in consonance. Recently, finance minister Nirmala Sitharaman proposed a 30% tax from the crypto income in the budget disclosed for 2022-23. It is also prompted to release a digital currency ‘CBDC’ working like a fiat currency soon in April 2022. To boost the Indian economy, the govt is closely working together to implement cryptocurrency in the economy.
In a recent press conference, The FM Nirmala Sitharaman appeared for the first time after releasing the budget with RBI Governor Shaktikanta Das on Monday. Both the parties presented a general debate on releasing the CBDC soon. She also stated to the media,
“Not just on crypto, but on every other thing as well. I think there’s complete harmony with which we’re working, respecting each other’s domain and also knowing what we’ve to do with each other’s priorities and in the interest of the nation. There’s no turfing here.”Indian Finance Minister, Nirmala Sitharaman
Whereas RBI governor Shaktikanta Das told media about their proceedings on cryptocurrency issuance are still under process. Also, he insisted to the cryptocurrency investors to make the investments at their own risk considering the volatility of the digital market. Moreover, many elaborate discussions are under focus between the government and the RBI related to crypto and other financial decisions.
India: A big player in Crypto Market
The Indian crypto market is testifying higher trading volumes not only from the metro cities but also from the smaller cities as well. This certainly signifies the deep penetration of digital assets, especially post-pandemic scenarios. The retail and institutional along with individual investors are expecting higher returns from their investment.
According to the BrokerChooser platform, last year India witnessed the highest number of digital asset owners in the world with 10.7 crores. The United States stood second with 2.74 crore crypto owners followed by Russia with 1.74 crore crypto owners. Also, Nigeria bagged 4th place with 1.30 crore digital asset owners. Besides, the BSE in India recorded a whopping jump of 70 million registered stock investors in June 2021 to 80 million in October 2021. Even, India’s largest stockbroker like Zerodha, CoinSwitch Kuber, and WazirX has 7 million, 11 million, and 8.3 million users respectively. Indians are having a lot more disposable income to make much more investments.
India will be going to emerge as a powerful nation in terms of having numerable digital assets and cryptocurrencies. Even after releasing a 30% tax on the earned income from cryptocurrency, Indians are now certain that cryptocurrencies will not be banned in the country. Although, no certain establishments have been made by the government in legalizing them.
Also, read – Russian Government to regulate Crypto Laws very soon