Indian crypto regulations : Something we are concerned about
Good afternoon everyone ,
This side kamran from Delhi , India.
Indian government has been really worried with crypto currency for the last 4 years. There was a time when we couldn't even buy cryptocurrency using our country currency and also there was a permanent ban on any bank account that was found to be dealing with any Crypto exchange.
Then the only solution left was P2P and only few exchanges were giving that feature to its user , one of them was wazirx as i used that back in 4-5 years ago when this was the situation in India.
Now the new regulations are yet to be officially announced but a very known news channel has came up with leaked information about what the regulation will be all about.
Those regulations are even worst than banning cryptocurrency. The regulation according to leaked news says that :
Crypto Currencies will not be called cryptocurrency and Crypto asset.
Crypto currencies won't be given a green signal when it comes to it use in day to day life for exchanging good and services.
people have to declare about their Crypto Currencies on the exchange government says. If in case someone does not do it in the given time period there will be a fine of upto $2.6 million or 18 months of imprison.
People will not be allowed to deal with foreign exchanges anymore.
There more points according to the leaks and being one of the most reputated news channel i can't say if these leaks will be false or true.
I will still say that we should not panic and wait for the official government announcement. One thing is confirmed and that's government won't ban cryptocurrency but will bring some strict regulations.
What will be those is still a big question. Anyways , i will catch you all up with my next blog later.
till then , take care.
Thank you.