Saturday, May 18, 2024

According to a report, India will ban cryptocurrency as a payment method but will regulate it as an asset

The past few months have been instrumental in shaping India’s cryptocurrency landscape. With rumors of regulations back and forth in the media, the expectation of a regulatory framework was high. Putting an end to all speculations, the leading Indian media outlet Economic Times said that government sources reveal an upcoming ban on crypto as a payment method. However, crypto trading as an asset will not be banned and rather be regulated. Advertisements have been a major issue for crypto firms in India after the Prime Minister’s memo admonishing crypto ads. Government sources also reveal that crypto advertisements would be banned, but the extent of it is not yet finalized.

Many cryptocurrency exchanges in India have already stopped airing ads. WazirX, a leading crypto exchange in the country, had stopped airing ads back in August. Another leading exchange, CoinDCX, did not want to comment about their stance regarding the advertisement ban. Advertisements will continue to be a heated issue between the government and the crypto firms, and similar conflicts are seen in many parts of the world now.

The present regulatory framework will have many loopholes, according to financial experts. While crypto trading as an asset is legitimized, determining its asset class is the bigger hurdle. After that, determining taxation systems and rates will have a huge effect on the average crypto investor. If the government allows crypto to grow in the present Indian market, it can be a huge source of revenue for the country.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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