Indians want clarification on cryptocurrencies and non-fungible token (NFT) rules

[Lens1000]

According to a new study of over 1,000 digital respondents, 79 percent of Indians want more clarification on cryptocurrencies and non-fungible token (NFT) rules in the upcoming budget session of Parliament, which begins on January 31.

The crypto investors in India are skeptical of the anticipated regulation and everything seems unidirectional. According to statistics, about average Indians are directly involved in crypto investment.

According to the survey, 61 percent of Indians desire a regulatory sandbox approach for decentralized finance (DeFi) innovations, which was conducted by tax and consultancy firm Grant Thornton Bharat.
However, 36% of Indians say that government work on DeFi should be prioritized over boosting crypto knowledge.


IndiaTech, an industry group that represents online companies, had asked the finance minister earlier this month for clarification on cryptocurrency taxation in the next budget.

In India, a crypto bill is unlikely to be submitted during the budget session since the government wants to reach out to industry stakeholders first before proposing legislation.

However, there are speculations that India will ban cryptocurrency. But the Indian Prime Minister showed a tremendous support for the cryptocurrency. This is the major reason why India will not be looking in the direction of ban.

Could you suggest the expected India regulation ?

 

[Flow-er]

The regulations of the cryptocurrency is taking a new dimension in the world. Most government of various countries now choose regulations of the cryptocurrency over the ban of cryptocurrency. The ban is definitely not an option ad it could result into a many citizens who huge amount of their money on cryptocurrency to lose it. This is why most government chose the regulatory option. We have seen many cryptocurrency enthusiast go against the cryptocurrency regulations with a cogent reasons that it Will be government-controlled digital currency and it will not be in conformity with the nature of the cryptocurrency as a decentralised digital assets. It is also very clear that the regulations may also bring more inclusiveness into the world of cryptocurrency. Many who are afraid of cryptocurrency as a system that lacks control will not show interest in the cryptocurrency investment . We could see that there are different versions to the regulations of cryptocurrency. It will equally be good if the Indians demand for a clearer regulatory framework of the cryptocurrency and the non-fungible Tokens. Their demand is a very good one and they don't want everything to be mixed up. This will enable the cryptocurrency enthusiast know what is really going on.