Topic: India’s Former Finance Secretary Spars With Industry Experts on Crypto Ban (Read 179 times)

They can come up with a plan like how it can be considered or under what it can be treated and tax it accordingly. Major thing out here is that will government be ready to take this step and make it legal in the country or will it just be not ready to accept this form of payment and which can benefit to all if they can adopt it sooner. Government has been on negative side till now on this adoption.

Imposing double taxes will not solve the problem and I bet people in India knows how to hide their profits from crypto assets so fair tax value is the only solution if they want to get benefits from crypto legalization.

The government interest will to be get more revenue if this is made legalized or they can also introduce an additional taxes as well and create a separate law for this so that they either can discourage the people to stay away or can impose some more taxes to make a greater benefit out of it. Still let’s hope they do the right thing.

Crypto currencies are never considered as legal form of currency anywhere in the world,most of them consider it as assets, commodities and regulated them under such categories so they are making good amount of revenue in the form of tax.So if India is also interested in regulating surely they will get more adoption and tax as well.

During a webinar on July 17, the former Finance Secretary of India, Subhash Chandra Garg, discussed cryptocurrencies with Indian industry leaders including Nischal Shetty, the CEO of Indian crypto exchange WazirX, and Siddharth Sogani, the founder of blockchain research company Crebaco.

In 2019, Garg along with his secretariat drafted a bill that proposed a ban on cryptocurrencies along with a 10-year jail term and a fine of up to 25 crore rupees (~$3.3 million) for anyone who issued, used or held these assets.

Today was the first time Garg discussed the issue with members of the crypto industry, allowing the former Secretary to clarify a longstanding perception that the proposed bill was to completely eradicate crypto assets from the Indian financial ecosystem.

Garg said that he approves of the use of crypto-assets as regulated commodities but added that they must not be allowed to function as currencies in India.

In Garg’s opinion, there is no issue with anyone presenting a “computer code” as a digital asset and with people wanting to invest in it. But in that way, he said, crypto is more of a tradable commodity and not a currency, and it should be regulated from the same viewpoint.

He also insisted that private crypto assets as currencies have no justification to exist and must be outlawed.

More here => https://cointelegraph.com/news/indias-former-finance-secretary-spars-with-industry-experts-on-crypto-ban

Let's see how it goes.. when it goes.
Although, explaining this to them is kind of like this

Another report on the above Webinar: https://news.bitcoin.com/subhash-chandra-garg-proposes-regulating-crypto-as-commodity-india/

Garg also warned about crypto scams and Ponzi schemes, noting that it is the “duty of the government to … protect the gullible people, people who don’t know … I would suggest that the government regulates this very well.” He concluded:

Private cryptocurrencies have no justification to exist … I stand by the recommendation in that cryptocurrencies should be outlawed, should not be allowed to be operated … Crypto assets as commodities should be allowed.