Indian Prime Minister Modi supports crypto regulation, not ban

Respected Indian Prime Minister Narendra Modi talked about cryptocurrencies & proposed a collaborative approach to regulate the crypto sector under a single rule in all jurisdictions.

Indian Prime Minister Narendra Modi is a top-level politician in India. During the last 9 years of the ruling power, the Indian prime minister only favoured digital innovations in the country and it was only the current ruling political party that supported the concept of crypto regulation, instead blanket ban ideas proposed by the Indian Central Bank RBI several times. 

During a speech on Business 20 (B20), a forum for business leaders from G20 countries, the Indian prime minister said that the regulation framework on cryptocurrencies should not be developed on behalf of the jurisdiction of particular countries.

“The rules, regulations, and framework on this issue should not belong to one country or a group of countries,” Mr. Modi said.

According to Modi, the crypto regulation framework should be global, so that all the countries can adopt the single framework on behalf of their own corresponding jurisdiction’s rules. 

Furthermore, the Indian prime minister also noted that India represented the crypto sector as a new emerging tech sector along with the macroeconomic implications.

This latest statement passed by the Indian prime minister shows that India is ready to adopt cryptocurrencies under a highly precise framework so that the country can easily keep the bad actors & financial stability risks away. 

In the present time, all the local crypto companies are providing crypto services under the country’s existing traditional financial laws but paying 30% taxes from the crypto business profit. 

Also, retail investors are required to pay 30%  tax against the profit generated from the investment. Because of this high tax rule & 1% TDS sandsten, the majority of crypto traders use P2P crypto trading method, instead use of centralized crypto exchange.

Read also: South Korean crypto Investors are filing their bags with XRP