India Will Frame Cryptocurrency Law Only After Global Consensus
(Bloomberg) -- India will frame a legislation for cryptocurrencies only after a global consensus emerges on regulating such assets, according to a person familiar with the matter.
The government isn't planning a law soon to either regulate or tighten provisions, the person said, asking not to be identified as the discussions are private. A finance ministry spokesman wasn't immediately available for for a comment.Â
After years of back-and-forth, Prime Minister Narendra Modi's administration announced a 30% tax on income from digital assets from April 1, making it costlier to trade and bringing such transactions at par with activities like horse racing and lotteries. It had earlier planned to come up with a legislation to make the government's stand clear on the matter.Â
How India Plans to Develop Crypto on Its Own Terms: QuickTake
A global uniform approach on cryptocurrencies is needed and steps by one nation will not be sufficient, Modi said in his address to the World Economic Forum in January.
The central bank has openly voiced its opposition to private digital currencies, equating them with Ponzi schemes and said they were a threat to financial sovereignty. Crypto investments have flourished in India after the country's top court set aside restrictions imposed by the Reserve Bank of India in March 2020. An October report from Chainalysis, a crypto-analysis firm, found the Indian market grew 641% from July 2020 through June 2021. Â
©2022 Bloomberg L.P.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
