Investment in cryptocurrency is a new trend. The main reason is the ease of transaction and investment in multiple currencies that are safe and have centralized control. Many Indian investors are showing interest in Bitcoin, Ethereum, and other currencies. Many platforms are available that facilitate trade in cryptocurrencies.
Today on 27th July, Finance Minister Nirmala Sitharaman shared an update regarding cryptocurrency data storage. The Indian government has no knowledge about the total no. of active investors in crypto exchange. Also, we have no idea who is involved in money-laundering & narcotic drug smuggling activities.
RajyaSabha MP and Former Bihar Deputy Chief Minister Sushil Kumar Modi have asked questions on the operations and involvement of Cryptocurrency exchanges and the activities of crypto investors in India. On that, FM Nirmala Sitharamn has replied that the Indian government has no record of crypto transactions, exchanges made by active investors.
Another question put on Mr. Modi was about the direct tax on this foreign crypto investment. FM Nirmala Sitharaman has clarified that this tax is imposed on online transactions or e-commerce service operators crypto exchange is out of this matter.
Apart from this, a report has been generated by Crypto exchange, it shows 1.5crore Indian investors have made the investment of 15000 crore and the no. is increasing day by day. 350+ startups are investing in the crypto exchange world and they are actively operated in the Blockchain and Crypto space.
There are two genuine reasons why the cryptocurrency bill was not proposed in the Parliament monsoon session.
- Firstly, things are not properly cleared about cryptocurrency and the discussion is still ongoing between the Banks, stakeholders, Reserve Bank of India, and the Finance Ministry. The conclusion is yet to come on this matter.
Cryptocurrency investment is not banned but is also not included in the legal tender. Currently, it will be like other tradable entities.
- A second reason the cryptocurrency bill is taking time is that other bills can’t be delayed because of these digital currency guidelines, operational behavior, activities. Cryptocurrency is not a primary economic entity agenda so it can be decided after all these bills.