RBI Wants To Ban Crypto but government is neither in favor nor against crypto regulation. Government Need Global Support For Regulation.
- If global community wants to stay with this they have to support crypto.
- If global crypto will be against, Govt. will ban crypto in India.
There are many movements from time to time regarding the circulation of cryptocurrency inside the country of India. Sometimes the government talks about banning cryptocurrency and sometimes makes it the basis of transactions by taxing it.
Also, Read: Tips to ByPass Crypto Tax.
According to the guidelines of Reserve Bank of India, cryptocurrency was completely banned in India in 2018.
But after this, in the year 2022, the Supreme Court gave the green signal to the cryptocurrency regulation. According to the constitution of India, every person is free to do business according to his wish. Likewise, the earning from cryptocurrency is brought under business income.
Since then, there have been some differences between the government and the Reserve Bank of India on taxes for cryptocurrency.
RBI Wants To Ban Crypto
Reserve Bank of India wants to completely stop the transaction of cryptocurrency, he has given many reasons behind this.
In place of unauthorized cryptocurrencies, the Reserve Bank of India has put a provision in front of India to launch and regulate its own central bank digital currency.
Such decisions have been taken by RBI keeping in mind the financial interest of the people. As the cryptocurrency market is very high volatile. It doesn’t take you any time to become a rook from a king here.
The digital currency launched by RBI will be equal to the current Indian currency. And its value will also be fixed, there will be no fluctuation in it. It is being made safe to use in a way.
That is why RBI wants to ban crypto and such guidelines keep coming from RBI from time to time. The government is also under pressure, that is why the government has issued some advisory of its own.
Government Looking For Global Support For Any Decision
India is a democratic country, here the government is determined by the mass base. And the government works only for the good of the people. When RBI was talking about banning crypto currency. At the same time the government made crypto users happy by bringing it under the tax net.
Even at present, the government says that if people stay, then cryptocurrency will be regulated. But for that we need special support from the mass base.
The government says that if people are in favor of cryptocurrency with the majority, then we will bring a bill on it. Otherwise you all know that the Reserve Bank of India wants to ban crypto currency completely.
Future of Crypto In India
If you are still in doubt about what kind of decisions will be taken in India regarding cryptocurrency, then you must see this article.
Centralized Currency
As we all know RBI wants to ban crypto and government is dependent on people’s mass base. In such a situation, the decision comes out that all private cryptocurrencies will be banned in the country. And only centralized cryptocurrency will be regulated.
In the coming times we will see the trend of CBDC as it has many benefits.
Decentralized Finance
At present, the finance market is in the hands of the government. When no person likes to give his money in the hands of others. That’s why people are more like decentralized finance.
They are derived from all cryptocurrency pair in this way store and increase your money. Also, give you more security its circulation will increase in coming time.
NFT
NFTs are also known as non-fungible tokens, which means NFTs are a way for you to secure your uniqueness. In the field of meta year and as a virtual property. You will see more of NFTs in the coming time.
Online Games To Earn Crypto
The country of India is called the country of youth. And the youth here like to play online games very much. There is also a craze of miscreants among the youth, that is why such companies are coming in the country. Which are giving a chance to earn money in cryptocurrency by playing games.
In the present time and in the coming time, we will see such companies growing. Who give crypto currency rewards instead of playing games.
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