Indian PM Modi calls for global cryptocurrency framework at G20 Summit

teosanru

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Quote from: Bitcoin Smith on August 28, 2023, 11:08:49 AM

https://twitter.com/CryptooIndia/status/1695829656338075723?s=20

Did you watch this speech of Modi?

Finally, he is talking about cryptocurrency but pardon me since I don't understand Hindi that much but as per my understanding he is insisting creating global framework for regulating cryptocurrencies which means there will be something at G20 summit which is supposed to be good news for crypto investors in India?

Do you see any hope for that 30% tax rate to come down?

I don't think just talking means that there would be a framework on Cryptos in India. As I have told earlier also multiple times until you see a complete framework on Cryptos by a developed 1st world country there is absolutely no chance that India will bring a framework on this. Secondly taxes is something I feel Govt. Is not going to cut for many years until they see actual investors coming from Cryptos.

elevates

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Wait for such regulations as they would need multiple approval. FOMO might not be the right thing to do now. Such proposal takes time and then senate needs to approve it before it becomes a law. We do know how the US government works. A ton of funding by a DEX or a crypto wallet company might end this proposal from becoming a law. The US is parliament is based on bribery and the senators can be brought without any issue. This is just an initiative and it can be crushed.in no time with proper funding.

cabron

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Quote from: Bitcoin Smith on August 29, 2023, 11:38:00 AM

Quote from: Bureau on August 29, 2023, 06:55:55 AM

a few days back the US has send a proposal to make it mandatory KYC for DEX and those wallets that connect to these web3 platforms. By November this law will be up for approval and get passed by December of this year. A global regulation on crypto is in the making.

Is it really possible to enforce mandatory KYC on decentralized exchange?

Maybe technically yes, but it is not really feasible to keep track of every wallet of a user with their identification.

But it is really going in the wrong way than I thought, more censorship is on the way for crypto market I guess.

Maybe. Those wallets like metamask or atomic wallets etc have teams that the government can contact and so do the dex teams. Every country imposes laws on crypto in order to protect their local currency. The dex that operates with unknown teams I guess are going to be safe for a moment until their servers are found. They'd be shut down by force.

They will do whatever it takes to protect the local currency which they also have inflated. It's a survival fight.

Bitcoin Smith

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Quote from: Bureau on August 29, 2023, 06:55:55 AM

a few days back the US has send a proposal to make it mandatory KYC for DEX and those wallets that connect to these web3 platforms. By November this law will be up for approval and get passed by December of this year. A global regulation on crypto is in the making.

Is it really possible to enforce mandatory KYC on decentralized exchange?

Maybe technically yes, but it is not really feasible to keep track of every wallet of a user with their identification.

But it is really going in the wrong way than I thought, more censorship is on the way for crypto market I guess.

elevates

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CII confrence and our PM at his best. I fully agree with the first part of your reply @Bureau. I think these qualities are what making Mr Modi a powerful leader. The PR team that he has hired has been incredible in showing him an incredible leader for the masses. Crypto regulation is coming and it is a matter of time that we see its inception soon. I don't think they would be changing the tax structure, I feel they would make it more government friendly than community friendly.

Bureau

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This is how Modi works! He will use the G20 platform to be seen as a leader well diverse in all subjects. This is how he has always gain limelight and recognition within the country and abroad. I am sometime baffled by his personality and the way he is able to orate in public. Not many global leaders have such qualities.

Coming back to your point, indeed what you said was correct. A global framework is required and a few days back the US has send a proposal to make it mandatory KYC for DEX and those wallets that connect to these web3 platforms. By November this law will be up for approval and get passed by December of this year. A global regulation on crypto is in the making.

Bitcoin Smith

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https://twitter.com/CryptooIndia/status/1695829656338075723?s=20

Did you watch this speech of Modi?

Finally, he is talking about cryptocurrency but pardon me since I don't understand Hindi that much but as per my understanding he is insisting creating global framework for regulating cryptocurrencies which means there will be something at G20 summit which is supposed to be good news for crypto investors in India?

Do you see any hope for that 30% tax rate to come down?

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