Indian Investors Begin to Recognize Bitcoin as an Asset
Since the beginning of 2015, the Indian Bitcoin industry has seen an emergence of payment services platforms and cryptocurrency exchange services providers. Startups including Zebpay and Coinsecure have begun to gain popularity among Indian investors and corporations in search of alternative assets and properties. Bitcoin exchange and wallet service provider Zebpay's CEO Sandeep Goenka stated in a recent interview that an increasing number of investors and companies are gearing toward Bitcoin as an asset and as an investment. "One can park money in the wallet in the hope that the value of....
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India may be regulating crypto as an asset class under the purview of the Securities and Exchange Board of India (SEBI). In addition, a crypto bill is likely to be introduced during the Monsoon session of parliament, local media reported. Indian Government Reportedly Considers Regulating Crypto as an Asset Class The Indian government has yet to introduce a cryptocurrency bill. An existing bill seeks to ban cryptocurrencies. However, there have been reports of the government re-evaluating the recommendations within the bill. The New Indian Express reported Friday that top sources tracking....
Amid the government’s war against cash, local authorities have begun to regulate and restrict gold, a store of value that has been the foundation of the Indian culture and society. Gold holders are being taxed and threatened, as the Indian government continues to fight “black money.” However, one major issue persists in the government’s impractical strategy to eliminate illicit transfer of funds. That is, regardless of the intentions of the Indian government and Prime Minister Narendra Modi, it is the general population or 99% of citizens and residents that are being negatively affected by....
The chairman of major Indian company Infosys says that crypto should be regulated as an asset, like a commodity. He believes that crypto investors will significantly contribute to India’s economy. Infosys Chairman Wants Crypto Regulated as an Asset Infosys Chairman Nandan Nilekani says the Indian government should regulate crypto as an asset that can be bought or sold, like a commodity, according to an interview with the Financial Times. He explained: Just like you have some of your assets in gold or real estate, you can have some of your assets in crypto. I think there’s a....
An Indian parliament member says crypto is like gambling and must be taxed at a very high rate, such as 50%. “We need to discourage and disincentivize” trading and investing in the asset class, he stressed. Indian Parliament Member Wants to Tax Crypto at 50% Indian parliament member Sushil Kumar Modi shared his view on cryptocurrency in an interview with Forkast, published Tuesday. Modi is a member of Rajya Sabha, the upper house of India’s parliament. He recently made headlines when he urged the Indian government to impose more than 30% tax on crypto income prior to....