G20 Set to Crystalize Global Crypto Rules as India Wraps Up Presidency

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Quote from: Bitcoin Smith on August 18, 2023, 09:38:53 AM

What happened in the discussion is entirely confidential so this article is based on the interview of someone who participated in that discussion.

It seems that G20 is pushing the government to come with more clear regulations about cryptocurrency and its future and the good thing is an outright ban on cryptocurrencies may not be the best approach . And RBI Governor Shaktikanta Das said “the FSB report recognizes that individual jurisdictions have the choice to prohibit crypto if they so desire.”

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I do not really have a great feeling about it! India and RBI is very negative about crypto and if you remember the crypto study committee led by Subhash Chandra Garg, they had proposed a blanket ban and also a punitive action on crypto users. So the position of crypto currency in India is very unstable at this moment. The current situation of 30% tax is just an interim arrangement and not final.

So if the crypto regulation is an agenda item in upcoming G20 meeting, that is not going to be favorable for us. At least that's my take on this situation.

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t's a important moment in the crypto world as the G20 prepares to establish global rules. With India concluding its presidency, we can anticipate a significant discussion on the future of cryptocurrencies. 🌐

These discussions have the potential to shape the regulatory landscape and provide much-needed clarity for crypto enthusiasts, investors, and businesses worldwide.

and it is sure India, a country with emerging leaders will never Ban crypto currencies and the scope it has in development of the nation.

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Quote from: elevates on August 22, 2023, 06:47:59 AM

Quote from: pawanjain on August 21, 2023, 11:54:28 AM

I like your optimism but I think we are far from that happening. Even if the global rules are introduced I doubt India will lower the tax any time soon.
They are accumulating a decent amount from taxing crypto. Only if a majority of population from India starts criticizing the government for high tax only then they will even think about lowering the tax rates.

In the history of any Indian government if you look back they haven't back tracked on tax, petrol price and ticket fares. Once they have set up the bench mark it will never go down but always up. By squeezing the middle class is the only way to make revenue. India has one of the biggest middle class and what the government wants is to make it remain as a middle class. They won't allow you do go to BPL level nor will they allow you to reach the elite class. Never expect the government to reduce tax.

Looks like you need to revisit the history. Tax rates were as high as 97% after India got Independence and has now decreased to 30% taxation.
Go through this article for a full read How income tax slabs have changed since Independence
Although I understand your emotion and yes even I feel that government won't be reducing the tax anytime soon but we can at least hope for it to happen at some point of time.

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Quote from: pawanjain on August 21, 2023, 11:54:28 AM

I like your optimism but I think we are far from that happening. Even if the global rules are introduced I doubt India will lower the tax any time soon.
They are accumulating a decent amount from taxing crypto. Only if a majority of population from India starts criticizing the government for high tax only then they will even think about lowering the tax rates.

In the history of any Indian government if you look back they haven't back tracked on tax, petrol price and ticket fares. Once they have set up the bench mark it will never go down but always up. By squeezing the middle class is the only way to make revenue. India has one of the biggest middle class and what the government wants is to make it remain as a middle class. They won't allow you do go to BPL level nor will they allow you to reach the elite class. Never expect the government to reduce tax.

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Quote from: teosanru on August 19, 2023, 12:03:44 PM

Quote from: elevates on August 19, 2023, 07:59:26 AM

Quote from: pawanjain on August 19, 2023, 01:30:37 AM

Exactly. I remember making a post on the same saying that the G20 countries are in favor of not banning crypto outright but will discuss on the possible regulations in future.
Still we are hearing the same thing.

As @pakhitheboss said

Quote from: pakhitheboss on August 18, 2023, 08:49:40 PM

We need to wait patiently for the upcoming announcement.

This is something which I can say as news in the making . There would be many updates related to our concern after the G20 meeting. I am also sure that an outright ban on crypto won't be on their agenda as crypto is like flowing water which is hard to stop. I am not expecting anything from the government of India in the upcoming winter session of Parliament. I would have felt more motivated if they had done some reduction on the tax part. As of now It is highly unlikely as the ruling party is more focused on the central election next year. After election I am certain we would hear some positive and a few negative news from then government. I feel the same ruling party would come back and continue with thier objectives.

I think once the global laws on crypto set in the tax rules will automatically get a bit relaxed. Because once if there are some global rules governments will start taking this as an opportunity instead of threat. Once that happens you'll see government taking a welcoming approach by reducing taxes etc. On bitcoin. India definitely will not keep the flat 30% taxes for very long.

I like your optimism but I think we are far from that happening. Even if the global rules are introduced I doubt India will lower the tax any time soon.
They are accumulating a decent amount from taxing crypto. Only if a majority of population from India starts criticizing the government for high tax only then they will even think about lowering the tax rates.

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Quote from: Bitcoin Smith on August 20, 2023, 09:53:34 AM

I am not sure the Indian crypto community is big enough to make a difference in the results of election but if they make some relaxation which will bring some spotlight for them cause media and economic experts are going to debate about it which is still a popularity for the party which will surely helpful to make difference in their results.

The last I checked the Indian crypto community was 15 percent of the Indian population as of last year. I won't be sure for the current year but even with 5 percent of Indian population they could make a significant difference to the election results. This time the ruling party would face issue if the think they will sweep the poll like last time. That is why I feel they would come up with regulation and more clarity to tax system before the upcoming elections.

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Quote from: pakhitheboss on August 20, 2023, 01:36:51 AM

Quote from: teosanru on August 19, 2023, 12:03:44 PM

I think once the global laws on crypto set in the tax rules will automatically get a bit relaxed. Because once if there are some global rules governments will start taking this as an opportunity instead of threat. Once that happens you'll see government taking a welcoming approach by reducing taxes etc. On bitcoin. India definitely will not keep the flat 30% taxes for very long.

I doubt there would a huge impact on tax as I feel that after regulation the government might relate crypto with share market. If there is a reduction on tax then it will be welcomed by the community. If the ruling party wants to sweep the election next year then they would announce some relief in the winter session of parliament. If not then they would see a dip in their voter base in the next election.

I am not sure the Indian crypto community is big enough to make a difference in the results of election but if they make some relaxation which will bring some spotlight for them cause media and economic experts are going to debate about it which is still a popularity for the party which will surely helpful to make difference in their results.

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Quote from: teosanru on August 19, 2023, 12:03:44 PM

I think once the global laws on crypto set in the tax rules will automatically get a bit relaxed. Because once if there are some global rules governments will start taking this as an opportunity instead of threat. Once that happens you'll see government taking a welcoming approach by reducing taxes etc. On bitcoin. India definitely will not keep the flat 30% taxes for very long.

I doubt there would a huge impact on tax as I feel that after regulation the government might relate crypto with share market. If there is a reduction on tax then it will be welcomed by the community. If the ruling party wants to sweep the election next year then they would announce some relief in the winter session of parliament. If not then they would see a dip in their voter base in the next election.

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Quote from: elevates on August 19, 2023, 07:59:26 AM

Quote from: pawanjain on August 19, 2023, 01:30:37 AM

Exactly. I remember making a post on the same saying that the G20 countries are in favor of not banning crypto outright but will discuss on the possible regulations in future.
Still we are hearing the same thing.

As @pakhitheboss said

Quote from: pakhitheboss on August 18, 2023, 08:49:40 PM

We need to wait patiently for the upcoming announcement.

This is something which I can say as news in the making . There would be many updates related to our concern after the G20 meeting. I am also sure that an outright ban on crypto won't be on their agenda as crypto is like flowing water which is hard to stop. I am not expecting anything from the government of India in the upcoming winter session of Parliament. I would have felt more motivated if they had done some reduction on the tax part. As of now It is highly unlikely as the ruling party is more focused on the central election next year. After election I am certain we would hear some positive and a few negative news from then government. I feel the same ruling party would come back and continue with thier objectives.

I think once the global laws on crypto set in the tax rules will automatically get a bit relaxed. Because once if there are some global rules governments will start taking this as an opportunity instead of threat. Once that happens you'll see government taking a welcoming approach by reducing taxes etc. On bitcoin. India definitely will not keep the flat 30% taxes for very long.

elevates

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Quote from: pawanjain on August 19, 2023, 01:30:37 AM

Exactly. I remember making a post on the same saying that the G20 countries are in favor of not banning crypto outright but will discuss on the possible regulations in future.
Still we are hearing the same thing.

As @pakhitheboss said

Quote from: pakhitheboss on August 18, 2023, 08:49:40 PM

We need to wait patiently for the upcoming announcement.

This is something that I can say is news in the making. There will be many updates related to our concerns after the G20 meeting. I am also sure that an outright ban on crypto won't be on their agenda as crypto is like flowing water which is hard to stop. I am not expecting anything from the government of India in the upcoming winter session of Parliament. I would have felt more motivated if they had made some reduction on the tax part. As of now, It is highly unlikely as the ruling party is more focused on the central election next year. After the election, I am certain we will hear some positive and a few negative news from the government. I feel the same ruling party would come back and continue with their objectives.

pawanjain

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Quote from: teosanru on August 18, 2023, 11:43:19 AM

Quote from: Bitcoin Smith on August 18, 2023, 09:38:53 AM

What happened in the discussion is entirely confidential so this article is based on the interview of someone who participated in that discussion.

It seems that G20 is pushing the government to come with more clear regulations about cryptocurrency and its future and the good thing is an outright ban on cryptocurrencies may not be the best approach . And RBI Governor Shaktikanta Das said “the FSB report recognizes that individual jurisdictions have the choice to prohibit crypto if they so desire.”

Full article

I have been listening this for so many years now. It started in 2017-18 when g20 first realized to set laws for cryptocurrencies thinking that it can't be banned, it was discussed in many forums but never have all the major countries agreed on a single opinion, simply because Asian countries want to ban it while Europeans want to use it. USA wants to use it but with very strict laws. Even now I think the scenario will remain same, it's hard to bring China and Europe on the same page regarding how to use cryptocurrencies.

Exactly. I remember making a post on the same saying that the G20 countries are in favor of not banning crypto outright but will discuss on the possible regulations in future.
Still we are hearing the same thing.

As @pakhitheboss said

Quote from: pakhitheboss on August 18, 2023, 08:49:40 PM

We need to wait patiently for the upcoming announcement.

pakhitheboss

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This time it is different as India is hosting the G20 summit. India would want to get all 20 countries on the same page and by September we would know what might the regulation look like. We might see the regulation bill getting placed in the winter session of Parliament or after the election next year. One thing is clear crypto ban is not possible that I am certain about it.

Knowing the ruling party and our PM, India wants to be known in the future as an important country in term of getting a decentralized entity regulated. This will be a big win for India's soft power considering China & the US being part of G20. We need to wait patiently for the upcoming announcement.

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Quote from: Bitcoin Smith on August 18, 2023, 09:38:53 AM

What happened in the discussion is entirely confidential so this article is based on the interview of someone who participated in that discussion.

It seems that G20 is pushing the government to come with more clear regulations about cryptocurrency and its future and the good thing is an outright ban on cryptocurrencies may not be the best approach . And RBI Governor Shaktikanta Das said “the FSB report recognizes that individual jurisdictions have the choice to prohibit crypto if they so desire.”

Full article

I have been listening this for so many years now. It started in 2017-18 when g20 first realized to set laws for cryptocurrencies thinking that it can't be banned, it was discussed in many forums but never have all the major countries agreed on a single opinion, simply because Asian countries want to ban it while Europeans want to use it. USA wants to use it but with very strict laws. Even now I think the scenario will remain same, it's hard to bring China and Europe on the same page regarding how to use cryptocurrencies.

Bitcoin Smith

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Activity: 910

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What happened in the discussion is entirely confidential so this article is based on the interview of someone who participated in that discussion.

It seems that G20 is pushing the government to come with more clear regulations about cryptocurrency and its future and the good thing is an outright ban on cryptocurrencies may not be the best approach . And RBI Governor Shaktikanta Das said “the FSB report recognizes that individual jurisdictions have the choice to prohibit crypto if they so desire.”

Full article

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