India and its longest tree with cryptocurrency and digital assets with the government have been very popular in the entire world as it has been one of the most interesting cases in the entire world because it has had a lot in itself. After all, the government did show interest in getting themselves in the world with the works of regulations that are going to be defining the sector but at the same time the central bank of the country which is RBI completely opposed it and also did recommend that currency should be banned from the country and on the hand we can see the user base shoot of drastically in the recent years.
Indian Crypto market has to be one of the most interesting and happening markets in the entire world because the use of base over there is Steady growing despite all of the challenges that are being faced by the consumers as well as the businesses involved in it which has made sure that the government itself has a step and they did come up with a taxation policy that got implemented on a lot of transactions that are related to digital assets and cryptocurrencies.
In the recently concluded G20 meetings that were hosted by India itself they did lead the entire thing and in the particular finance should meetings that were completely based on the financial activities did include a session about cryptocurrency and over there or mutual Framework that is going to be defining the regulations was discuss for the G20 countries and all of them aligned with that particular view of having a common global regulatory framework for cryptocurrency.
Things were looking very positive after those G20 meetings that happened in India and India was looking towards getting more inclusive towards the crypto sector but after that things have been very quiet from the side of the government as well as the authorities and after a while, there was a mass of decision that was taken against the offshore exchanges such as Binance and KuCoin as well as many other big exchanges that we operating in the country which were band completely for the reason of not getting themselves registered with the country as well as also in suspicion of money laundering.
But today in the budget speech that was delivered by the finance minister of the country there was no mention or update about the Crypto regulations as well as taxes for the particular sector in the country and the budget day is a very big thing for any country and for a country has big a** India it means quite a lot as well as also portrays the perspective that the government has for any particular industry as well as the road map that they are might be going to be following for that particle industry as well and in that particular speech by the finance minister of the country there was no mention or cryptocurrency is a digital asset or the sector as a whole and there was no update as well.
It is driving speculations among the community that it is definitely looking bleak in the future as more and more decisions that are going to be negatively impacting the sector are on the way as the most recent one of manning the Offshore exchanges does portray a similar picture as those applications have got deleted from the stores in India as class there websites have also been blocked.
So as there is no update on the sector the previous ones or the things that were declared earlier do stand as per theory and they do include all of the taxes that are involved in the particular sectors such as 30% flat taxes on prophets made on the platform that involved classes as well as also 1% TDS on every transaction among various other norms. However, people also didn't have much hope for this year's budget as it is just the interim budget which is also coming up right ahead of the 2024 general elections in the country, and the upcoming budgets will be very much decided for the crypto sector over here in India.
But it will be very interesting to see how the government is going to be tackling and as an actor and what might be the future decisions that they would be taking for the industry and the cryptocurrency-based businesses and all of these things as a whole because the things are getting more complicated with every passing day as government did shoulder lot of interest in the sector during the G20 meeting but after that it as slowly reduce to quite as there have been quite a few harsh decisions that have been taken and complete silence after that.
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