Still, a complete ambiguity prevails in the legal acceptance of cryptocurrencies.
After applying 30% tax on the crypto income it is completely uncertain to say it is legal. Still, confusion prevails in the minds of citizens whether it has legal approval or not. So, the supreme court of India has asked for clarification from the central government. They have asked to take a clear stand.
Connection with an alleged Ponzi scheme under which they fooled more than 8,000 people from across the country. Recently gain bitcoin has released a 2000 crore Bitcoin scam. So now, a clear judgement is demanded from the government regarding the approval of cryptocurrencies.
Many countries already accepted it while some are still thinking of deploying it. Applying heavy tax on the income of cryptocurrencies, the government may want to show little enthusiasm regarding its acceptance. Cryptocurrency trading technology Blockchain is the most secured and decentralised. The government might feel that it may remove its control from international trading. On the contrary, the government can create a legitimate source of income for citizens.
So, there won’t be any clarification given on the legal status of cryptocurrencies. So, citizens want a precise decision on its acceptance.
India will launch its new crypto coins in the coming new financial year. Crypto investors are super enthusiastic about the purchase of these coins. Investors also want to check the volatility of these coins. And how do these coins bring them a profit?
The government has not disclosed enough knowledge regarding its launch.
Let’s wait for the upcoming great news!
Author Name : Kiran Sagar