Is India Inching Closer Towards Crypto Regulation?

Hello Crypto Lovers,

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It's always a debate in India whether Cryptos should be made legal or should those be banned.

Finally, there seems to be a decision being taken on this with Indian Government moving towards regulating Cryptos and also taxing it to give a BIG relief to 100 million+ Indian Crypto investors.

With a meeting with Indian Prime Minister Narendra Modi on Monday, 15th November, it seems like the panel headed by Prime Minister is of the opinion that, Cryptos will be allowed as an asset, meaning, the people can own it just like owning a share or gold bond, BUT, Cryptos CANNOT be directly used as a payment method to make it as a payment for purchase of goods.

I think this should be OK among Indian Crypto traders and investors as a regulation of any kind means, they are allowed to trade and book profit as and when they see the price increases and that also means, they can go ahead and link their bank accounts to purchase and sell the Cryptos using their Indian bank account!!!!!!

This is really a good news the Indian Crypto investors have been waiting since long and they should be OK to have some amount of taxation as the money earned is obviously will attract some tax on it and we only pay tax when we book profit, so, this is by far expected one.

While still there are assumptions about regulation, a winter parliament session suppose to start from 29th of this month is scheduled to have a bill presented on Crypto regulation and that will be something we all Indian Crypto traders eagerly looking forward to as that will decide the fate of 100 million+ of those who are already into Crypto in India.

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While there are still oppositions on regulating Cryptos in India by none other than Reserve Bank of India and many political parties, it's our Prime Minister who is a big supporter of inventions and innovations and is supporting the regulation and that comes as a good news for Indians and hopefully, the trend continues until the bill is passed in winter session ending all the speculations about Cryptos.

There are millions of Indians who have been regularly purchasing the Cryptos, earning Cryptos thru social blockchains such as Hive, Publish0x, Steemit, Reddit and many more and there are now Indian Crypto currencies started by some of the Indian websites itself such as GARI started by short video creation app known as Chingari and it pays the short video crators in the form of Crypto!!!!

These are all positive vibes towards regulation of Cryptos in India and role of websites such as wazirx.com, coinSwitchKuber, CoinDCX is way BIGGER in communicating the Indian investor's sentiments towards Crypto and these websites deserves huge round of applause especially WazirX's joint CEO Nischal Shetty who has started with a hashtag #IndiaWantsCrypto and is a big influence on Indians investing in Crypto.

Let's all enjoy these news however unconfirmed these are and let's keep the fingers crossed for the parliamentary session to begin and have the Crypto bill passed successfully.

Thanks for reading this and if you are an Indian Crypto investor, do share your thoughts and support for this as we are embarking on a new beginning soon with just about 10 more days to go for the eagerly awaited winter session by Indian Government!!!!!

Thanks and have a great Wednesday :)

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