Many countries are increasingly pushing towards giving cryptocurrency a legal framework within their jurisdiction. For several months now, the Indian ministries and official departments have hinted at a forthcoming regulation on digital coins. The time seems to have come, with a recent CNBC 18 report claiming that the next winter session of the Parliament will focus on passing a crypto regulation bill. Whether the claims turn out to be true is a matter of time, it is now more or less obvious that the government is actively thinking about it. For many years, the Indian government was not paying much attention to what was going on in the crypto world. Cryptocurrency trading and mining were never illegal in the country, and hence pockets of users grew in different parts.
Few cryptocurrency exchanges emerged in India and witnessed tremendous success, with many getting unicorn status. CoinDCX, CoinSwitch Kuber, and WazirX are some of the best-known exchanges in the country with millions of users. At such a juncture, the government can earn significant amounts of money by bringing the sector into legislation.
However, not all seem optimistic with this update. Many feel that the notoriously sluggish bureaucratic system of India will hinder many possibilities of innovation. Others feel that high tax rates can deter many people away from Bitcoin and other cryptocurrencies. No matter how valid these fears may be, a regulation in India is surely on its way. Its time of arrival is still subject of speculation, but not veracity.
