India is preparing to pass cryptocurrency legislation, including its own digital currency?
new modifications to income tax regulations in order to bring cryptocurrencies earnings under the tax net
With the opening of parliament sessions on November 29th, India is planning to release a new law regulating and dealing with encrypted digital currencies (cryptocurrencies), which is expected to be introduced in Parliament in the following days.
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According to a description of the law released on the Indian parliament website, the Indian government is proposing to assist the central bank (Reserve Bank of India) RBI in issuing an official digital currency.
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The Reserve Bank of India (RBI) announced in July that it was working on its own digital currency (cryptocurrencies), the Central Bank Digital Currency (CBDC). Which will be a digital kind of legal tender issued by a central bank.
The full language of the law has not yet been finished, according to sources, but the bill aims to ban all private digital currencies in India, with the possibility of some exceptions to encourage the core technology of digital currencies and their use. Read More: Lowest Budget Ethereum Mining Rig | Mining Rig Buying Guide for Your GPU
In March of this year, the Supreme Court struck down the Reserve Bank of India (RBI) circular prohibiting banks and firms regulated by it from offering services related to virtual currencies, which had been in effect since 2018.
Many investors in India have expressed interest in investing in cryptocurrencies, and many have done so. India continues to caution citizens about the huge financial hazards of investing in cryptocurrencies.
Prime Minister Narendra Modi of India presided over a meeting to explore the future of cryptocurrencies, warning against bitcoin slipping into the wrong hands. The Centre has also stated that it intends to make new modifications to income tax regulations in order to bring cryptocurrencies earnings under the tax net, and that it will do so during the Union Budget next year. Watch More: Gulf Tech & News.