India Might Tighten Crypto Rules

The news about the new potential bill that India is planning to pass in the parliament is going on worldwide. India is the largest economy is southeast Asia, and therefore it is a concern if the country makes any move on the virtual cryptocurrency. It might affect the value of the cryptocurrency too. It is indeed something of interest to investors and lawmakers around the world.

It had been theorized first that India might just ban the cryptocurrency from their country but that does not seem to be the case or where the situation is heading at all. There had been talks about India banning cryptocurrency from their country. However, this might not be the case, and they might just tighten some of the crypto rules at the latest.

India Might Tighten Crypto Rules

“My belief is that we will have some kind of coherent regulation, but on the tougher side,” said Avinash Shekhar, in a statement to the news. He is someone who is well known as the co-CEO of Zebpay.

A Bulletin had been seen in the parliament that tells us about this bill that the Indian government is trying to pass regarding the mining and use of cryptocurrency in India. There had been initial plans of banning the cryptocurrency at the latest, but now it seems that there had been some deliberation and debate among the ministers and the participants in the parliament, and they have settled for “for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the bulletin said.

Now India is trying to restrict or at least limit the activity of using Cryptocurrency in India by using different methods. They are now going to impose more taxes and change the capital gains.

This might seem like a cruel move but let’s not forget what China did. At least there is still scope for some Cryptocurrency activity in India. We are hoping there are no new problems in this matter.