Indian Government News

“One of the reasons it is so successful is because it's simple,” he added while comparing the Unified Payments Interface’s (UPI) growth with blockchain technology.

The document, which could define a national framework for digital assets, is almost ready.

Halfway through 2022, at the proof-of-concept stage, RBI is in the process of verifying the feasibility and functionality of launching a CBDC.

India’s “blockchain, not crypto” stance has led to disastrous crypto policies, forcing several thriving crypto firms to relocate.

Crypto “will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” according to Reserve Bank of India officials.

“I guess we have a concern that [the Reserve Bank of India] may be actually in violation of the Supreme Court ruling,” said Coinbase CEO Brian Armstrong.

The new directives for VPN service providers and crypto exchanges would require them to collect critical private information as well as the ownership patterns of customers.

Several Indian cryptocurrency projects are planning to move their bases to more crypto-friendly jurisdictions.

Coinbase Ventures will conduct an in-person pitching event in Bengaluru to help accelerate India’s financial inclusion goals via crypto and Web3 investments.

India’s new crypto tax policy, which is based on gambling and lottery ticket win tax rules, is set to come into effect on April 1.

In partnership with LegitDoc, the Maharashtra government is in the process of rolling out 65,000 caste certificates to aid the process of delivering governmental schemes and benefits.

Some jurisdictions are introducing digital assets as tax payment options while others levy hefty taxes on crypto gains.

Under the framework, those conducting crypto transactions will be subject to a 30% tax starting on April 1, while the 1% TDS requirement will take effect on July 1.

India’s crypto tax policy is set to become law on March 24. However, stakeholders believe it could eradicate small-time traders and derail the thriving industry.

The new guidelines regulate the size and language of disclaimers while prohibiting portraying the market as a "get rich quick scheme."