There is a lot of FUD around Cryptocurrencies in India at the moment. Today I’ll try to clear some of it by looking at everything that’s being said and done by Indian Government.
You won’t find anything in this article that is being said by unknown sources, Every information is legit with proof. So, let’s start.
1) Let’s start with our first Interview which was done by our Honourable Finance Minister Smt. Nirmala Sitharaman.
Takeaways from this Interview:
- RBI will only take a call on CBDC.
- Cabinet note is being prepared and any decision will be taken once it is presented in Parliament.
- Indian Government will not shut off all options. There will be a window for experiments.
2) Now we’re gonna look at what our Minister of State for Finance and Corporate Affairs, Mr. Anurag Thakur said in an online Entrepreneurs Organisation event.
Takeaways from this video.
- The Inter ministerial committee has given its report and the Cabinet Secretary has also held a meeting on Cryptocurrency and Blockchain.
- Indian Government agrees that this is a new space, new technology and it can’t fit in the existing set of criteria.
- Indian Government is ready to carefully evaluate, explore and encourage it with an open mind in a way that National Security is not compromised.
Earlier today, I spoke at the Entreprenuers Organisation – Punjab Chapter.
Here is the video of my comments on the issues relating to Blockchain and Cryptocurrency.
I look forward to your views.
— Anurag Thakur (@ianuragthakur) March 6, 2021
3) Mr. Anurag Thakur also answered 6 Rajya Sabha Unstarred questions on Crypto. You can view them in this tweet by Crypto India twitter handle.
Anurag Thakur (Minister of State for Finance) answered 6 Rajya Sabha unstarred questions related to Crypto currencies pic.twitter.com/tqMnM4THGK
— Crypto India 🔑 (@CryptooIndia) March 24, 2021
4) Indian Government has amended Schedule III of Companies Act, 2013 making it mandatory for all private and public companies to reveal their Crypto holdings and put it on balance sheets. The cryptocurrency disclosure requirements come into effect from April 1, 2021.
5) In a recent interview with Crypto Kanoon, Mr. Nishcal Shetty, CEO of WazirX Crypto Exchange said there are 100+ corporate clients on their Exchange already. So, It is clear that Indian Companies are interested in Crypto and with this amendment the number is only going to grow at a much higher pace.
At present 100+ corporations in 🇮🇳are buying crypto as confirmed by @NischalShetty
After the proposed amendments in schedule-||| by Ministry of Corporate Affairs the number will increase to 1000+.
This is so encouraging. pic.twitter.com/ff9d9XsIHG
— Crypto Kanoon (@cryptokanoon) March 27, 2021
If you look at all the points above, It is clear that chances of Crypto regulations are much much higher than the chances of a crypto ban.
Don’t give much thought to all the FUD where news is not coming through a known source. Keep on trading, Investing in crypto and always pay Income Tax on your gains.
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