For the past few months, there have been reports of a cryptocurrency ban in India. According to some reports, the government planned to introduce legislation related to it during the winter session of Parliament, but this did not happen. Central banks, on the other hand, are tightening their grip on crypto-related businesses. The GST Intelligence team raided the offices of several cryptocurrency service providers as part of this investigation. At this time, the agency has not provided much information on the subject.
Official sources told ANI that officials from GST Intelligence raided the offices of major cryptocurrency service providers across the country, including cryptocurrency exchange WazirX. DGGI learned about widespread tax evasion during this time period. DGGI, on the other hand, has yet to provide any information on the subject. This raid is expected to have an impact on the cryptocurrency market.
In India, what are the rules?
Many countries have fully approved cryptocurrencies, allowing any citizen to transact in them, but the situation in India is complicated. In fact, neither the government nor the courts have legalized or prohibited it in our country. As a result, you can purchase it from any cryptocurrency exchange. The Reserve Bank of India attempted to ban it at the same time because of the fraud, but crypto exchanges sued and won in March 2020.
Will the RBI issue its own cryptocurrency?
RBI, on the other hand, wants to introduce its cryptocurrency to the market, and is working on it quickly. According to sources, RBI will introduce its cryptocurrency after the government introduces a bill on cryptocurrencies. It will be completely legal, and the framework is currently being developed.