Indian's Crypto Regulations At G20 summit

[2Pizza410000BTC]

Indian Prime Minister Narendra Modi has made a major announcement at the G20 Summit on Crypto Resolutions that will catalyze the integration of cryptocurrencies globally and transcend national borders.



Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world. He proposed positive action on cryptocurrencies at the G20 summit, given the current situation and the advancement of technology.

Ref: https://twitter.com/CryptoKingKeyur/status/1695648130329628753?s=19

[Husires]

Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world. He proposed positive action on cryptocurrencies at the G20 summit, given the current situation and the advancement of technology.

Ref: https://twitter.com/CryptoKingKeyur/status/1695648130329628753?s=19

Indeed, India has laws that allow cryptocurrency trading for exorbitant taxes. I do not know if these laws have been changed or updated, but countries that are looking to adopt Bitcoin do so in order to legalize and impose more taxes, not because they like decentralization or try to make their people less poor. The G-20 summit will have less future impact in light of the conflict between the G-7 and the BRICS, which will represent the traditional battle between East and West countries.it is difficult to find an extensive regulation of that group.

[kentrolla]

This is a very contradictory statement when compared to ground realities as India is one of the nation with exorbitant amount of tax even for a single trade and if you compare the crypto trade volume from India between 2021 and 2023 you will see a huge drop of around 90% they just killed Indian crypto market without officially killing it by levying hefty tax and most of the exchanges like CoinDCX, Kuber Coinswitch are having massive layoff and at exchanges are trying to move out of India as they are literally making zero profits since users don't want to trade by paying tax amount which is much higher than profit margin it's like paying government on every trade even if you don't make profit.

[Coyster]

Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world.

I find this to be very ironic, because India as a nation is already obstructing the growth of cryptocurrencies for Indians. India is a crypto-unfriendly nation, and for quite a long time their citizens who used crypto were uncertain of their fate because the country was proposing a ban on crypto. In 2018, they first of all banned banks from handling crypto transactions, that ban was lifted two years later, but little did Indians know that it was because the government wanted to "extort" money from Indians who use crypto.

The tax rate on crypto gains in India is now as high as 30%, that is extremely high and discouraging for Indians who use cryptocurrencies, if the government of India wants to promote crypto (which i am sure they don't care about), they should start by reviewing their crypto tax laws, which is basically stealing from people at this point.

[SUPERSAIAN]

I know that they are not very open to crypto-currencies in India and they have a stance on it. It's a very populated country, a lot of young people are trading crypto, but high taxes keep a lot of people locked in. 30% is a very high too much, if they relax the regulations a little more, India can maximize their current potential with the development of trade.

I think there are quite a lot of Indian citizens adopting this technology, just as they have gone this far in computing, Blockchain has the same potential and they can realize it.

[Wysi]

Indian Prime Minister Narendra Modi has made a major announcement at the G20 Summit on Crypto Resolutions that will catalyze the integration of cryptocurrencies globally and transcend national borders.



Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world. He proposed positive action on cryptocurrencies at the G20 summit, given the current situation and the advancement of technology.

Ref: https://twitter.com/CryptoKingKeyur/status/1695648130329628753?s=19

This is Just to make people curious especially for those who trade in daily basis, After all they will apply the Laws in gambling session where you have to pay for everything... Government is playing very smartly in terms of using crypto in India  they are neither opposing nor supporting openly.

The Reserve Bank of India (RBI), the country's central bank, had imposed banking restrictions on cryptocurrency-related transactions also there were legislative proposals in India, such as the "Cryptocurrency and Regulation of Official Digital Currency Bill,. Until and unless law is Implemented nothing cannot be considered.

[@sriyan]

Indian Prime Minister Narendra Modi has made a major announcement at the G20 Summit on Crypto Resolutions that will catalyze the integration of cryptocurrencies globally and transcend national borders.



Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world. He proposed positive action on cryptocurrencies at the G20 summit, given the current situation and the advancement of technology.

Ref: https://twitter.com/CryptoKingKeyur/status/1695648130329628753?s=19

I think it is good. If they partner with other countries, they can regulate it. Because there are a lot of airdrop hunters doing airdrops from multiple wallets(500 wallets). They did not pay any taxes. So the best thing is to get the KYC details from the exchanges and allocate the taxes. It will be good for the country as well.

[AYYASH]

hopefully india in futher good work in Cryprto spech

[yazher]

He probably saw the good things it brings from other countries and although they don't have enough power to control Bitcoin, they can simply let exchanges and miners operate in their country and ripe the taxes for their economy. Most country acts swiftly to ban crypto because they only want to protect their people from frauds and scammers taking advantage of ignorant investors but once they see some good news from other countries, they act this way and want to go the other way like the others did.

[Biznesmen]

Narendra Modi has astutely observed that his country India will suffer a lot in the future if his country obstructs the resolution of cryptocurrencies as per the global acceptance of cryptocurrencies across the world.

I find this to be very ironic, because India as a nation is already obstructing the growth of cryptocurrencies for Indians. India is a crypto-unfriendly nation, and for quite a long time their citizens who used crypto were uncertain of their fate because the country was proposing a ban on crypto. In 2018, they first of all banned banks from handling crypto transactions, that ban was lifted two years later, but little did Indians know that it was because the government wanted to "extort" money from Indians who use crypto.

The tax rate on crypto gains in India is now as high as 30%, that is extremely high and discouraging for Indians who use cryptocurrencies, if the government of India wants to promote crypto (which i am sure they don't care about), they should start by reviewing their crypto tax laws, which is basically stealing from people at this point.

India is doing regulation by stealth, or baby steps towards regulation. So banning is clearly out of the question here, but we've got to wait and see what root India takes. They said they draft regulations that are suitable for Indian conditions. In India, there are 35 to 50 million crypto users. So we hope that the bull run will bring in a lot of prosperity for Indian exchanges, plus sensible regulation and taxation by the government, and that this industry will provide employment to millions of employees. It has huge potential world-wide, so everyone hopes all the countries in the G20 Summit will take India's initiative as a great start to making that potential an accessible reality for future generations.