Crypto Conundrum: Ban or Limited Nod

Authors

  • Rajni Associate Professor, Bharati College, University of Delhi, Delhi
  • Vandana Bansal Associate Professor, Bharati College, University of Delhi, Delhi
  • Divya Sharma Assistant Professor, Bharati College, University of Delhi, Delhi

DOI:

https://doi.org/10.33516/maj.v58i4.53-56p

Keywords:

No Keywords

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.

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Published

2023-04-01

How to Cite

Rajni, Bansal, V., & Sharma, D. (2023). Crypto Conundrum: Ban or Limited Nod. The Management Accountant Journal, 58(4), 53–56. https://doi.org/10.33516/maj.v58i4.53-56p

Issue

Section

Crypto Currency

References

https://economictimes.indiatimes.com/opinion/et-commentary/the-pressing-questionsabout-crypto-regulationthat-india-needs-to-answer/articleshow/88264103.cms

https://economictimes. indiatimes.com/news/economy/finance/india-bags-638-million-in-cryptocurrencyblockchain- funding-in-2021/articleshow/88626670.cms

https://cleartax.in/s/bitcoins-taxes-india

Fauzi, M.A., Paiman, N., and Othman, Z. (2020). Bitcoin and Cryptocurrency: Challenges, Opportunities and future works. The journal of Asian Finance, Economics and Business, 7(8), 695-784.

Peter D. DeVries (2016), An Analysis of Cryptocurrency, Bitcoin, and the Future. International Journal of Business Management and Commerce, Vol. 1 No. 2; September 2016.Available from: https://www.researchgate.net/ publication/316656878_An_ Analysis_of_Cryptocurrency_ Bitcoin_and_the_Future

Prashant Singh, Rajni, “Cryptocurrency Future in Indiaâ€, in International Conference on Advances in Information Communication Technology & Computing (AICTC – 2021), Bikaner, India, 20th -21st December, 2021

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