Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Regulation»India’s Crypto regulations came too late, say experts
    Crypto Regulation

    India’s Crypto regulations came too late, say experts

    Crypto regulations came too late, say experts Industry experts are of the opinion that there are bigger questions that need to be asked regarding the whole issue of cryptocurrency in the country. Business Today Desk Business Today Desk Feb 18, 2022, Updated Feb 18, 2022, 3:39 PM IST Budget 2022 saw Finance Minister Nirmala Sitharaman announce a 30 per cent tax on all digital assets that includes cryptocurrency and non-fungible tokens (NFTs). Many industry players saw this as the first step towards the regularisation of cryptocurrency in the country, but that’s not exactly the truth. While it did mean that cryptocurrencies were not going to be banned in India and they were not “illegal”, crypto experts and policy makers believe that there’s a long way to go. L Bardi Narayan, Executive Partner, Laxmikumaran & Sridharan, Sanjay Phadke, author of Fintech Future, Kunal Nandwani, CEO & Co-founder, Utrade Solutions, and Tanvi Ratna, CEO of Policy 4.0 caught up with Aayush Ailawadi for a chat on new crypto tax rules and what it meant for the future. Speaking about the government implementing the 30 per cent tax on digital assets at the ground level, Narayan is of the opinion that the government is going to face challenges. “They’re expecting TDS to be deducted on transactions which are going to happen between multiple buyers and sellers and often through exchanges and other mediums where it not possible to keep a tab on who the buyer and who the seller is,” Narayan explained and added that the tax imposed on crypto should have been different one (like a securities transaction tax) instead of one imposed on the basis of exchange. Also, if buyers and sellers are going to do a barter, the buyer has to ensure the seller is paying the tax, which is going to be hard to do. Policy 4.0’s Ratna felt that the crypto tax announcement was just a deterrent following a long period of volatility and months of unfettered activity. In agreement with Narayan, Ratna added that the new tax rule is not going to lead to the outcome that the government is expecting. She explained that on the day of the announcement a lot of volume from Indian exchanges moved overseas and now it’s going to be quite a task for the government to get TDS collected from any such transaction. Ratna added that unless we accept the decentralised nature of this industry, there’s nothing meaningful that can be done on the policy front. She also said that these regulations should have come in a long time ago. Padke pointed out that first, cryptocurrency should not be called that since currency is always issued by the government and is a liability of the government. Additionally, speaking about CBDC or Central Bank Digital Currency, Padke acknowledged that it could be seen as the next step of digitalising our lives, but India as a country has already grown in in leaps and bounds as far as digital payments are concerned. All in conversation were unanimous on the point that a CBDC could not replace crypto since decentralisation lies at the core of crypto, and there is no decentralisation in a CBDC. “There is zero value in a CBDC coming from the government. Cryptocurrency was developed to work away from the government in a decentralised fashion, where the government has no control. But the decentralisation has been highly centralised since all the crypto companies and exchanges have central CEOs, they are being regulated by the same governments that they were invented to work away from, and now they are going to be taxed by them too,” Nandwani said. “CBDC, if it is being developed to digitise anything in terms of money and payments, that is a good move, but we can also do without it,” he added pointing to how successful UPI has been in the country. Essentially, as far as both crypto and CBDC are concerned, experts believe that the right questions are still not being asked.
    February 18, 2022By See Source Below4 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    Industry experts are of the opinion that there are bigger questions that need to be asked regarding the whole issue of cryptocurrency in the country.

    Budget 2022 saw Finance Minister Nirmala Sitharaman announce a 30 per cent tax on all digital assets that includes cryptocurrency and non-fungible tokens (NFTs).

    Donate to RareHippo Now!

    Many industry players saw this as the first step towards the regularisation of cryptocurrency in the country, but that’s not exactly the truth. While it did mean that cryptocurrencies were not going to be banned in India and they were not “illegal”, crypto experts and policy makers believe that there’s a long way to go.

    L Bardi Narayan, Executive Partner, Laxmikumaran & Sridharan, Sanjay Phadke, author of Fintech Future, Kunal Nandwani, CEO & Co-founder, Utrade Solutions, and Tanvi Ratna, CEO of Policy 4.0 caught up with Aayush Ailawadi for a chat on new crypto tax rules and what it meant for the future.

    Speaking about the government implementing the 30 per cent tax on digital assets at the ground level, Narayan is of the opinion that the government is going to face challenges.

    “They’re expecting TDS to be deducted on transactions which are going to happen between multiple buyers and sellers  and often through exchanges and other mediums where it not possible to keep a tab on who the buyer and who the seller is,” Narayan explained and added that the tax imposed on crypto should have been different one (like a securities transaction tax) instead of one imposed on the basis of exchange.

    Also, if buyers and sellers are going to do a barter, the buyer has to ensure the seller is paying the tax, which is going to be hard to do.

    Policy 4.0’s Ratna felt that the crypto tax announcement was just a deterrent following a long period of volatility and months of unfettered activity. In agreement with Narayan, Ratna added that the new tax rule is not going to lead to the outcome that the government is expecting.

    She explained that on the day of the announcement a lot of volume from Indian exchanges moved overseas and now it’s going to be quite a task for the government to get TDS collected from any such transaction.

    Ratna added that unless we accept the decentralised nature of this industry, there’s nothing meaningful that can be done on the policy front. She also said that these regulations should have come in a long time ago.

    Padke pointed out that first, cryptocurrency should not be called that since currency is always issued by the government and is a liability of the government. Additionally, speaking about CBDC or Central Bank Digital Currency, Padke acknowledged that it could be seen as the next step of digitalising our lives, but India as a country has already grown in in leaps and bounds as far as digital payments are concerned.

    All in conversation were unanimous on the point that a CBDC could not replace crypto since decentralisation lies at the core of crypto, and there is no decentralisation in a CBDC.

    “There is zero value in a CBDC coming from the government. Cryptocurrency was developed to work away from the government in a decentralised fashion, where the government has no control.

    But the decentralisation has been highly centralised since all the crypto companies and exchanges have central CEOs, they are being regulated by the same governments that they were invented to work away from, and now they are going to be taxed by them too,” Nandwani said.

    “CBDC, if it is being developed to digitise anything in terms of money and payments, that is a good move, but we can also do without it,” he added pointing to how successful UPI has been in the country.

    Essentially, as far as both crypto and CBDC are concerned, experts believe that the right questions are still not being asked.

    Read full story on Business Today

    Crypto Regulation
    Previous ArticleJPMorgan, Toshiba, Ciena find new way to protect blockchain with quantum network
    Next Article Coinbase to let crypto recipients in Mexico cash out in local currency

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Blockchain & Web3

    Crypto Attracts More Money in 2021 Than All Previous Years Combined

    December 19, 20213 Mins Read

    With digital assets and related projects exploding in popularity and many soaring in price, all…

    Real profit and loss in the metaverse

    January 29, 2022

    Volatility, Fed undermine Bitcoin’s inflation hedge claim: McGeever

    December 11, 2021

    Canadian police seek blockade of crypto wallets tied to ‘Freedom Convoy’

    February 16, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.