Crypto News India Budget 2023: India’s Union minister of state for electronics and information technology Rajeev Chandrasekhar on Thursday gave an important statement about crypto operations in the country. The country had in the recent years tightened its stance on crypto market trading and other digital asset activities. In 2022, the country’s administration imposed tough taxation on crypto related activities. Ahead of the country’s annual budget session that is set to begin on February 1, 2023.
Also Read: Whale Caught Dumping 443 Billion SHIB Amid Price Surge
In a latest, India’s IT minister Rajeev Chandrasekhar said nothing stands in way of crypto activity in a legal standpoint. The comment could mean a great deal in clearing speculation about the possibility of a blanked ban on crypto in India. However, it remains to be seen if such a ban would be placed on specific activities around cryptocurrencies. Also, the upcoming Union annual budget could perhaps bring in changes or relaxations to the crypto tax slabs.
“There is nothing today that outlaws crypto as long as you follow the legal process. If you want to invest in crypto, make sure you go through the RBI, get your LRS eligibility, the dollars as per rules.”
Adding to the concerns of Indian crypto enthusiasts, recent reports speculated about the possibility of India’s role in regulating crypto in context of the country leading the G20 group. On similar lines, the country’s central bank had in the past expressed its reservations in allowing crypto transactions. Recently, the Reserve Bank of India (RBI) reaffirmed its stance saying that cryptocurrencies are highly volatile and exhibit high correlations with the equity market. More importantly, the RBI’s Financial Stability Report said the country was exploring the possibility of prohibiting crypto.
Also Read: 5 On-Chain Indicators Signals Bitcoin Entering Bull Market Cycle
On May 17, Michael Saylor, after posting the famous orange-dot accumulation chart, brought back talks…
In its Bitcoin buying spree, Strategy continues to attract new funds via its STRC preferred…
U.S. President Donald Trump has now diversified his financial footprint into crypto stocks from real…
Bhutan’s Bitcoin movements have come into the spotlight again. The scrutiny comes due to the…
Grayscale Investments has advanced its plans to launch a spot BNB ETF available in the…
The crypto market continued plunging after unfavorable macroeconomic data. It erased the gains that came…