What Do Cryptocurrency Regulations In India Look Like? My Opinion On Bitcoin
What do cryptocurrency regulations look like in India? Crypto, and more specifically Bitcoin, has been a topic of hot discussion around the globe, especially in some of the worlds most populous countries where one is likely to find it in any degree of a meaningful quantity. In this case, I’ll be speaking specifically about India’s laws on Cryptocurrency, whether its citizens can own, mine or trade with the coin, and if it does in fact hold a good store of wealth against a nation’s possibly unstable currency for those in developing nations. Thank you for reading and for more information on all things business and finance, now in the United States and globally, be sure to subscribe to our blog for additional details and information!
Other Countries that we will cover in terms of their Bitcoin and Financial Regulations include the following:
India
China
United States
European Union
Germany
Spain
Portugal
France
England
Italy
Ireland
Denmark
Luxembourg
And a host of other countries, read on or subscribe to our blog for additional details and information!
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How Can You Buy Cryptocurrency In India Legally?
Binance.com looks to be one of the primary ways that people in the country can purchase Bitcoin and other Crypto derivatives. Right now, the gist of it is that, while some exchanges are in fact limited in India, the good news currently is that Bitcoin is NOT yet banned, and is in fact legal. With this in mind there is a new bill on the floor in the Indian Parliament that was originally introduced in 2021, and that has now finally taken hold and is being voted on. The act is a called the “Cryptocurrency and Regulation of Official Digital Currency Bill” once again which was introduced in 2021, and was introduced in the “Lok Sabha” otherwise known as India’s version of Parliament of Congress.
What the bill is basically trying to do is ban the decentralized currency and exchange it in favor of a centralized cryptocurrency issued solely by the Indian Government. As of now, 2 years gone by and nothing official is yet to occur, so it looks a though if you are in India you can still purchase Bitcoin and other Alt Coins freely on the majority of allowed exchanged. With this being said, this looks to be changing very soon as India and other countries in both the East and the West catch on to the fact that more decentralized crypto means less of their own currency in fluctuation.
What Do Cryptocurrency Regulations In India Look Like?
The gist of what the ministry of Parliament has said on the new bill in India is that it is very difficult for one country to regulate the currency without an outright ban and censorship, as China has done with Cryptocurrency, since it is used globally, and therefore may need international involvement. What I’ve been getting from reading dozens of articles on the subject over the past two years since it came up in the news, is that India is actively working to ban Bitcoin and other cryptocurrencies but is doing so through the most legitimate means and channels possible, which means parliamentary procedure, and working through international channels in order to regulate the currency within the country. The good news for this means that if you are in India, you can still buy, mine, sell, trade and hold Bitcoin and other coins for a bit longer. What it likely means over the long haul however, and what the new introduction and uptick of this bill on the floor of parliament means once again, is that this may be a short lived fruit for the people of India.
A side note here, what I don’t know about and what I cannot find any concrete information on, is what the Indian government plans to do about the likely hundreds of thousands to millions of their own citizens who are using or holding Crypto based assets, and whether they will force them to exchange the coins in for Rupees under threat of prosecution, or if it will be kind of a prospectively looking law rather than retroactive.
How Does Cryptocurrency Work In India?
Right now in India you can buy, sell, trade, hold, invest or speculate on Bitcoin very similar to how you can do so in the United States. In fact I’d venture to say that it’s probably easier to do so in India right now because I don’t imagine they have the same type of municipal authorities as the United States or the United Kingdom does on the subject, and therefore they are likely finding it much harder to regulate the coin. Right now however, the United States has no plans to outlaw or really regulate the coin officially (at least not on the house floor in Congress) while I cannot say the same for the Indian Government. And in fact the opposite, as they are actively attempting to block it through the most legitimate and long lasting means possible.
Does Coinbase or BitFinex Work in India?
Yes. Both exchanges are currently working in India. With Coinbase, it looks like there are some additional background checks and the like if you are a current citizen of India, versus if you are in the US or UK, where they essentially just issue 1099s and tax forms versus the stricter onboarding process.
What Is The New Bill Regarding India Cryptocurrencies Composed Of?
Right now, a direct quote from the Minister of Finance in India reads as follows, around the exact time that the bill was introduced: “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” Now in translating that political jargon to plain English, what he is basically saying is that they’re going to drag this out and do this legitimately so they can wipe out the currency altogether within the country, that’s how I read it at least.
Final Thoughts On What Do Cryptocurrency Regulations In India Look Like?
If you are in India currently, you may want to move your crypto assets onto a paper wallet on the blockchain, because your time with using Crypto as a decentralized currency is potentially at its end if that Bill in Parliament gets through. Just so you remember when the day comes, you heard it first right here at Inflationhedging.com! Thanks for reading.
Cheers!
*Inflation Hedging.com
Sources:
https://www.coindesk.com/policy/2022/02/21/making-sense-of-indias-new-crypto-rules/
https://www.coindesk.com/policy/2023/03/09/indias-crypto-regulation-now-has-teeth-experts-say/
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