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Cryptocurrency law in India

Cryptocurrency law in India

On 13th November 2021, Prime Minister Narendra Modi has chaired a meeting on the way forward on the issue of misleading non-transparent advertising on cryptocurrency.

  • During the meeting, that attempts to mislead the youth through over-promising and non-transparent advertising should be stopped, and it is expected that Modi Govt will bring Cryptocurrency law in India soon that will aim to promote transparency regarding crypto transactions.
  • Chairman of the Parliamentary Standing Committee on Finance, Mr Jayant Singh said that the Govt of India would take a “distinctive approach” to regulate cryptocurrencies in India. in India, cryptocurrency is still unregulated and have a strong base of cryptocurrency investors and exchanges.

Is Cryptocurrency Illegal In India and Texes?

  • bitcoins and other cryptocurrencies are not in the legal regulation in India. these are illegal, govt has not authorised them yet.
  • Indin govt is imposing taxes and regulations on cryptocurrency transactions

Cryptocurrency Bill in india

  • It seems that Indin Govy will make a Cryptocurrency Law and introduce Cryptocurrency Bill soon in the Parliament’s winter session this year.
  • Cryptocurrency Bill will define and classify cryptocurrency according to the technology involved., will also bring transparency regarding crypto transactions in the country. after the Cryptocurrency Bill, Indian authorities can regulate the misleading non-transparent advertising on cryptocurrency.

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