Crypto Conundrum: Ban or Limited Nod

Abstract

This article tries to find out the current concerns regarding the crypto currency. India has been engaged in a fierce debate over crypto currency. In India, crypto currency has been treated very conservatively, with the RBI imposing a ban. Although the ban has been reversed, the central bank’s position has not changed. India is on a dual path of trying to regulate or even ban crypto currencies while at the same time encouraging the use of block chain technologies. The Government of India adopted a conservative stance on taxation by announcing a flat 30 per cent tax rate on income from digital virtual assets, or crypto, in the Budget 2022. The Government has also launched e rupee. One of the issues in G20 summit in September,2023 is regulation of crypto currency. But still, it’s impossible to predict when or in what form the crypto law will get through in India’s Parliament. Different countries have their own ways of regulating crypto currency, but it is safe to say that India has so far been among the most closed to crypto currencies. Considering the global nature of trade nowadays even an international crypto currency can be evolved & regulated by international agencies like IMF and World Bank.