If you are an Indian citizen investing in crypto, then the upcoming crypto bill might have you worried. While you and many other people are fearing that there might be a ban, it is unlikely to happen. Recently, a group of Indian legal experts said that it is too late to ban crypto in India. While many authorities and the central banks are calling for an outright ban, it is not that simple. There are billions of dollars invested in crypto by Indians, and more importantly, all other major nations like the US are embracing this new technology. So, India can’t just ban it.
Legal experts on the ban situation
The only problem right now with crypto is that the central bank and Swadeshi Jagran Manch (SJM) are asking for a ban. RBI has time and again said that a crypto ban is necessary, and a partial ban won’t work. In fact, in 2018, they banned crypto, but their ban was overruled by the supreme court, making it legal. So, taking a decision against the most prestigious body of the country won’t be an easy thing to do.
The take on this from a legal point of view is that it’s too late to ban crypto. If the government wanted to ban it, they should have done it long ago. Rather the authorities need to bring laws that protect investors, prevent any wrong activities, and help crypto grow as well. These comprehensive laws are what we are waiting for in 2022. Crypto is still being seen as a threat to the country’s economy, but if you think it through, it’s not. Crypto volatility is often misunderstood as something else.
A few important things to note in the laws would be the capital gain tax, GST, and TDS part. The legal experts also said that India should not follow the regulations of any other developed countries because of their differences in foreign exchange regulations.
The nature of cryptocurrencies is such that they cannot be banned easily. In fact, the Chief economist from the IMF said that banning crypto will bring a lot of practical challenges given its decentralized nature. So, I think honestly; it is nothing to be worried about. Keep funds ready as new investors will panic, and it will be an excellent opportunity to buy the dip.
What are your thoughts as legal experts say that It’s too late to ban crypto in India? And do you think that the government will bring supportive regulations? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.