The work of India’s largest crypto exchange WazirX and Zebpay is going on. Due to the cautious approach of the central bank along with the government and the Securities and Exchange Board of India (SEBI), a large crypto market could not emerge in India. If Indian institutions had become involved in crypto, then many people in the country would have lost their money.
The impact of the turmoil in the crypto market is not being seen in India
There is an atmosphere of panic all around due to the big fall in cryptocurrencies. At the same time, it has not had much effect in India. The credit for this is the government and reserve Bank of India (RBI) goes to the cautious stance. RBI cryptocurrency It has been repeatedly refusing to recognize and has also cautioned against transactions in it. At the same time, the government has decided to reduce the demand for crypto transactions. tax have chosen the path of
Due to tax, people are seeing a decrease in the use of cryptocurrency. A new rule of tax on cryptocurrency was brought in this year’s budget. A provision has been made in the budget that 30% tax will be levied on the income from crypto transactions, which also includes 1% TDS.
A report by ‘Bhasha’ states that the cryptocurrency market was three thousand billion dollars in 2021, whose total market value is now less than one thousand billion dollars. This shows that people are disillusioned with cryptocurrencies. On the other hand, people who have invested in crypto in India are seeing less effect of world conditions. Indian investors have been largely spared from the ups and downs in the crypto market, while the Bahamas’ FTX market has gone bankrupt after selling crypto.
Opposition to RBI effective
The RBI in India has been opposing cryptocurrencies since day one, while the government was initially considering bringing a law to regulate such mediums. However, the government, after much deliberation, came to the conclusion that there is a need for a global consensus regarding virtual currencies as they are borderless and the risks involved are immense. According to the RBI, cryptocurrencies have been specifically developed to escape the regulated financial system and this should be reason enough to exercise caution with them.
That’s why India survived
The industry estimates that only three percent of Indian investors invest in cryptocurrencies. Despite the downturn in the global crypto market, cryptocurrency companies in India are in no rush just yet. India’s largest crypto exchange WazirX and Zebpay are in progress. The large crypto market in India could not stand due to the cautious stance of the central bank along with the government and the Securities and Exchange Board of India (SEBI). If Indian institutions had joined crypto, then the money of many people in the country would have been drowned.
According to Kamlesh Shah, President, Association of National Exchange Members of India (ANMI), the steps taken by the RBI and the government to not recognize cryptocurrencies are justified at this point of time. Reserve Bank Governor Shaktikanta Das also described cryptocurrencies as a clear threat in the Financial Stability Report released in June.
English News Headline: india not affected due to cryptocurrency market fall amid ftx exchange bankruptcy
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