Cryptocurrency and crypto trading platforms have currently created a major hype in the global financial market with their insane returns in price rates. Among them, Bitcoin is currently leading with a market cap of $1.19 Trillion USD. It is easy to exchange in almost all trading platforms.
One of its own cryptocurrencies platforms is Bitcoin Business which has given good returns to many investors with its automated trading platform by reducing the trading risk factors. However, the scenario in India is different when it comes to cryptocurrencies entering 2025.
Crypto Status In India
As per the statement issued by RBI in the last year 2023; whichever institutions, organizations, entities, individuals’ deals with crypto coins will be banned by the banks. Though its statement has not imposed a permanent ban on cryptocurrency in India, has led to shut down and closure of many virtual exchanges.
Also, in the last year, different government agencies like Department of Economic Affairs; Central Board of Direct taxes; Investor Education and Protection Fund Authority; and Central Board of Indirect taxes and customs have supported this statement of RBI and desired to put a permanent ban on the buying and selling of crypto coins. But, nothing got finalized and the final decision was pending.
Following the scenario of 2023, presently in this year, Supreme Court called for a hearing at the March end to look at the crypto regulations but, according to reports and India’s Blockchain lawyer Varun Sethi; it got postponed to the second week of July due to the recently held elections.
As per the current reports and local sources, the government has drafted a bill in the name of ‘Banning Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019’. It is currently circulated to various government agencies in India.
The ministry of Indian corporate affairs declared that there is no transparency in the financial procedure of Bitcoin, Ethereum, and other crypto coins. The source of money of these crypto coins is unknown due to no stringent regulations or authority backing it. It has also classified the scheme of these crypto coins as Ponzi Schemes that are giving returns in a fraudulent way. If this continues to grow, it will pose a serious threat to the financial system in India and hence it needs to be banned urgently.
The decision regarding the cryptocurrencies in India has been delaying for a period of 1 year under the committee of Subhash Chandra Garg who belongs to the Secretary of the Department of Economic Affairs at India’s Ministry of Finance. So, this year, the committees and government agencies are planning to finalize it with a full proof clear hearing.
Final Words
Following the last and year and present year’s situation, it is quite expectable that this year might be the end of a crypto era in India. But, then things can be different as well, so patience is all Indians require currently until the final decision arrives.
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