The cryptocurrency market is spread all over the world. Apart from the stock markets, Indians are taking much interest in Cryptocurrency. It is a type of currency not available in physical form operated without the centralized control of banks. So, you can say that no trusted company or authority, or organization is involved in the Crypto-exchange rules & regulations.
People were waiting for the Cryptocurrency Draft Bill for a long time and it has been postponed multiple times. Now the Indian government is coming with the good news that will be worth it for the Indian investor involved in Crypto exchange.
Purpose of the Cryptocurrency Draft Bill in India
Due to easy accessibility and moderate process, we have seen rapid growth in the numbers of Cryptocurrency traders and investors. People are being wealthy with these virtual money investments. It was a matter of concern, how it’s happening.
To know its proper functioning, source, accounting, and investment volumes a proper arrangement is required. Many people have said that it should be banned in India but the digital exchange has asked the government of India for the continuity of crypto-money with regulations. After this bill, the cryptocurrency will be considered a legal investment.
Many concrete laws, rules, and regulations with guidelines will be proposed for the end-usage under this Draft Bill.
- Many people have raised the question regarding the tax on crypto trading and investment it will also discuss under this bill.
- One important update is that the virtual form of currency will not provide any support for transactions or payments. This bill also concludes how, when, and where it will manage.
- This will also give a clear idea about the classification of cryptocurrency in the form of equity, commodity, or other trading services.
- The government will also discuss the security features that will apply to cryptocurrency.