I have invested lots of my salaried income in crypto currency and got the news about crypto that, it gonna banned in India. Really, Will Crypto banned in India 2023?
Join us to discover alumni reviews, ratings, and feedback, or feel free to ask any questions you may have!
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
I have invested lots of my salaried income in crypto currency and got the news about crypto that, it gonna banned in India. Really, Will Crypto banned in India 2023?
Cryptocurrency has been a topic of discussion in India in recent years, with the government unsure how to handle it. As of now, there is no clear indication that cryptocurrency will be banned in India. The Indian government has not yet made any official statement about a ban on cryptocurrencies, and some experts anticipate that the country could be open to adopting digital currencies at some point.
However, there have been steps taken by the Indian government which aim to discourage people from investing in digital currencies. For example, in April 2018 the Reserve Bank of India (RBI) barred banks from providing services or dealing with companies or individuals trading cryptocurrency or other related activities. Additionally, the Indian Income Tax Department sent tax notices to reported crypto investors at the beginning of 2018 and conducted surveys across several exchanges.
Overall, while there are some regulatory efforts by the government towards curbing trading activities involving cryptocurrencies such as Bitcoin etc., it seems unlikely that they will completely ban cryptos in India anytime soon due to its potential benefits for financial inclusion and technological advancement. It appears however that future regulation may limit their usage unless certain safeguards can be implemented by those hoping to use them for investment purposes going forward.
In recent years, India’s government has debated how to manage cryptocurrencies, which has generated discussion in that country. There is currently no definite evidence that cryptocurrencies will be outlawed in India. A prohibition on cryptocurrencies has not yet been officially announced by the Indian government, but some analysts believe that the nation may eventually be amenable to their adoption.
The Indian government has taken measures to deter people from investing in virtual currencies, though. For instance, the Reserve Bank of India (RBI) prohibited banks from offering services to or transacting business with entities or people engaged in cryptocurrency trading or other related activities in April 2018. Moreover, tax notices were sent by the Indian Income Revenue Department.
India’s government has been debating how to handle cryptocurrencies recently, which has sparked debate there. There is no concrete evidence to suggest that cryptocurrencies would be banned in India at this time. Although the Indian government has not yet formally imposed a ban on cryptocurrencies, some observers think that the country may eventually be open to their adoption.
Nonetheless, the Indian government has taken steps to discourage citizens from making investments in virtual currencies. As an illustration, in April 2018, the Reserve Bank of India (RBI) forbade banks from providing services to or conducting business with businesses or individuals engaged in cryptocurrency trading or other related activities. Also, the Indian Income Tax Department issued out tax notices.