As we are getting close to the winter session of parliament, the fear among Indian investors is bursting out. Still, here the good news is that as per the latest statement of the ministry of finance, the government of India has no intention of banning the crypto business within the domestic boundaries of the nation as regulatory authorities want to control the crypto exchange.
Many professionals asked the government that if the government runs the crypto market, there is no decentralized network. Still, here government pointed out some serious concerns among the public that due to the ongoing border tension between Pakistan as well as china, having a currency that is totally out of control of the government may be detrimental for the national interest. Check a website like https://bitcoin-pro.app to know more about cryptocurrency trading. Moreover, as per RBI, there will be no prohibition on cryptocurrency because they are just looking for a smart way to save the interest of traders and the nation. This article will shed come.
Risks: A reminder that cryptocurrency trading is a high-risk endeavour and shouldn’t be undertaken without a great deal of education and certainty. Beginners should use demo accounts or just follow the markets passively without any money at risk. In our guide on how to invest in cryptocurrency, we explain that it’s difficult to decide the best cryptocurrency to invest in, due to information asymmetry particularly where new tokens are launched.
Large crypto market from the entire world
Reports say that 55 billion USD dollars are invested in the crypto market by Indian investors. If the government banned Cardano or Bitcoin, it would indirectly affect their economic growth. Today, India’s gross domestic product is harmful. The authorities will not take any polish step to put India’s financial stability in danger.
Government is also well aware of crypto currency’s power of injecting liquidity in the market. Cryptocurrency is the haven of every struggling nation. Our finance minister addressed the nation and claimed that there would be some changes in the cryptocurrency code of conduct, but there is no such thing as banning this entire platform. So to care for the interest of our folks, the government needs to put some protocols.
Minimizing the terror financing and money laundering
Peer-to-peer technology is highly decentralized as no outsider can view or get information about the content of any transaction. However, many illegal activities occur within and outside the Indian boundaries due to this phenomenon. For example, a report by a US news firm states that 2 billion dollars were outside India to evade tax, which is a significant concern for the government.
Apart from it, it is said that large terrorist organizations deal in Bitcoin and many other forms of virtual currency, which make this platform very anonymous and nearly impossible to breach. (As cryptocurrency books point out – this applies to the underlying protocol and not third party exchanges which are susceptible to hacks). So, the government will set up a proper path from definition to cryptocurrency circulation, but there is no worrying about its ban.
The Winter session will be crucial for the functionality of cryptocurrency. The government of India will define this electronic currency as whether it is an asset or a commodity because, as per their definition in the currency, the tax will be charged on them accordingly.
Saving the interest Of the Indian public
After some severe scams previously like yes bank scams, 1992 scams, and many more, the authorities want double security of any foreign exchange to run within the country. Cryptocurrency is a flourishing business as daily 20% of newcomers are Indians, and by this data, you can understand the massive participation of Indians in digital currency.
Recently, there was a rumour on social media that the government has passed a bill to ban this currency, and overnight, the share market fell by 5% in total. Therefore, one should not believe any online information if a certified agency or firm does not give it.
So the main motive of this article is to shed light on the government’s upcoming plans regarding cryptocurrency and to wipe out the rumours from the market that regulatory syndicates are going to ban it from the entire economy. There will be some changes, but the matter of fact is that the government cannot deny the capability of this new currency. There is also denying that India will remain backwards if other nations accept it in their trade. The development of a country must be commendable, and cryptocurrency is the next chapter of the entire world’s trade.