Hello friends,
I am doing good, and I hope that you are having a good time with your near and dear ones.
There are some updates about cryptocurrencies in India and it is about the regulation that the finance minister is trying to bring. She has been quite active in terms of public statements for cryptocurrencies in the last few months and even now she is talking about it how global cooperation is needed for the regulation. Regulation can be a good initiative because this will bring more safety for the investors, but I believe there should be a proper study and consideration before they implement.
During the taxation in the year 2022, there was not enough research and study which is not a good decision instead they should follow fair practice. If the government is planning to bring a regulation for cryptocurrencies with proper guidelines and considering all the aspects, then it is good. While the government is thinking loud on the regulation side, they are completely ignoring the percentage of tax they have implemented on the crypto and people are struggling with this. Why they are not looking into this aspect where some reduction can help many people to start their cryptocurrency trading? Nobody is asking the government to compensate for the loss, and this is also not practical because even with the stock market government does not do anything for those who lose money.
It is right that even if India brings regulations if other countries do not join hands, then it will not be effective. Cryptocurrencies are decentralized so from the technology point of view nobody can control them, but they can surely control the banking involvement which can create many issues for the community. There have been multiple updates about the regulation, but things are still not shared with the public that what type of regulation they are trying to build and what cooperation they are expecting from the other countries.
Thank you
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