India labels cryptocurrencies as gambling instruments

India labels cryptocurrencies as gambling instruments
фото показано с : invezz.com

2023-12-26 16:23

India seems not ready to legalize cryptocurrencies, with senior government officials stating that authorizing digital tokens has no economic upside.

The statements revealed that crypto carries risks developed economies and emerging markets cannot handle. It added that virtual tokens might tamper with India’s economic status. The officials trust that the country should treat cryptocurrency assets like gambling tools.

Source – X

Meanwhile, the IMF-Financial Stability Synthesis Paper greenlighted the Reserve Bank of India’s perspective on crypto during the decision-making procedure. The RBI handles regulation matters within the Indian banking system.

Initially, the central bank called for a crypto ban, and one official (who participated in the latest decision-making) affirmed that any other approach should solve the primary concerns that RBI raised.

India’s crypto market

India ranks among the top countries with enormous demand for digital coins (despite obstacles such as high taxes). The government introduced a 30% tax on cryptocurrency profits. Also, there’s a 1% taxation on all crypto-related transactions.

Chainalysis’s latest report revealed that India handled crypto transactions worth over $268.9 billion between July 2022 & July 2023. Consequently, the nation emerged as the second-largest market for cryptocurrencies globally.

Source – Chainalysis

Meanwhile, the latest remarks by government officials would likely be crucial in shaping India’s cryptocurrency industry. Some experts speculate that a lack of regulation could dent the growth and legitimacy of the digital sector in the region.

Market participants will likely face increased uncertainty when interacting with an emerging industry without guidelines.

The post India labels cryptocurrencies as gambling instruments appeared first on Invezz

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