On Monday, Finance Minister Nirmala Sitharaman announced a major decision on cryptocurrency’s future in India. She said, “We have plans and note ready for Cryptocurrency Bill in India”. We have also routed the scheme for PSU banks and is working tirelessly to back up the financial sector with the best of our capabilities.
She further averred that the GST overall collection is significantly increasing and will continue its pace till the beginning of FY22. Adding to this, she also asserted that the government is building constructive measures to compensate the GST paid by the fiscal year 2022.
With an emerging craze of cryptos amongst the mass, several countries started adopting Blockchain technology to deal with transactions on an everyday basis. However, in India which is yet again the hub that participates in the crypto industry, people are quite bewildered about whether to invest in cryptos or not!
Crypto in India is neither banned nor marked as an illegal way to exchange, but till now the government has not formulated any laws to secure the space.
Analyzing the need of the hour, the government is now all set to launch its latest Cryptocurrency Bill in India following the roadmap, earlier laid by other countries.