Hello and Namaste everyone
The crypto market in India has been a matter of discussion for many years. This is because of the ongoing rumors and no proper government body to look into the crypto market. Hope you remember the time of two thousand and eighteen when a blanket ban was implemented because of which exchanges were not provided the banking services. This ban was uplifted in 2020 just before the COVID pandemic lockdown and thereafter the industry got some boost because it was the time for the bull run. Even after many years things are not certain and clarity is missing in the market.
Earlier RBI used to intervene a lot saying that Crypto is some ponzi scheme and they want people to stay away from such instruments. Now R B I is not talking much about crypto but the government itself is interested in gaining more tax through the crypto industry. Even the Finance Minister has talked about Crypto in multiple forums that they are exploring the possibility but the current taxation will continue for the time being.
Now things are going to the next level the Security and Exchange Board of India has shown an interest in overseeing the crypto market. This is good because this is a government body and they have been working on stock trade so they know how this interstate should be handled. Easily, we know every stock is a tradable set that cannot be used for payment but it does not mean that stock is worthless because it has its value in the market. Similarly, Crypto can also be considered as an asset that is tradable in the market but cannot be used for buying goods and services which makes sense. This is not finalized as of now but it's good to see that SEBI has come forward and they want to look after the crypto trading market. RBI is the government body that takes care of the banking system and monetary policies whereas SEBI is the organization that takes care of the stock market and they know how to manage this.
Although as of now very few details are shared about this news but looks like this is a good update for the Indian crypto community. It will not be a surprise if this government body comes forward and considers crypto as a tradable asset in the market which will help a lot to the crypto industry in India. While many exchanges are struggling this time because of the taxation some international exchanges have also applied for the registration so that they can also operate in the market. It is a big market and this is why most of the countries are trying to have their presence in the country this is the time when the Security and Exchange Board of India has shown interest as I believe they are the right people to manage this market. It can be even better if they treat it similarly to the stock market and apply the same rules which will help the industry grow a lot.
Currently we can say that the situation for Crypto in India is not so positive but at least it is not the type of negative that we have seen in the last few years but the narrative is changing now. This new narrative is good because the government is trying to generate some revenue sources through the Crypto industry whereas another govt body is trying to have some control over this which is fair enough. After all, this way at least they will give the option to the people to be part of this industry. Trading is a bigger business through which companies earn a lot and after this, a sort of revenue will also be shared with the government bodies so this can be a good revenue source for them.
Thank you so much
Stay safe
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