New RBI Governor Sanjay Malhotra holds the line on crypto:
💬 “We’re concerned. Crypto could shake financial stability & monetary policy.”
— The Crypto Times (@CryptoTimes_io) June 8, 2025
Just last month, the Supreme Court, in a fit of judicial exasperation, chastised the Centre for its lack of a coherent policy on cryptocurrencies. A bench, featuring Justices Surya Kant and N Kotiswar Singh, demanded to know why the government had yet to unveil a definitive regulatory stance. This inquiry arose amidst a bail application for one Shailesh Babulal Bhatt, who found himself in hot water over illegal Bitcoin trading in Gujarat. Talk about a rocky road to riches!
Currently, cryptocurrencies in India exist in a peculiar limbo. They are neither illegal nor fully regulated, akin to a teenager who refuses to clean their room. There’s no law outright banning them, yet no framework exists to govern their use. For now, they are merely observed under the watchful eye of anti-money laundering regulations. A thrilling game of cat and mouse, wouldn’t you say?
In a bid to cash in on this digital gold rush, the government introduced a 30% flat tax on profits from crypto trading last year. And let’s not forget the cherry on top: a 1% tax deducted at source (TDS) for every transaction. If you’re dabbling in a crypto exchange, GST is also lurking in the shadows, ready to pounce. But just because the taxman is knocking doesn’t mean crypto is officially legal; the law remains as clear as mud.
To bridge this regulatory chasm, the government is crafting a discussion paper to outline potential rules for crypto in India. An inter-ministerial group (IMG), comprising members from the RBI, SEBI, and the Finance Ministry, is scouring global practices to shape India’s approach. Once the paper is unveiled, the public and industry stakeholders will have their moment to chime in before any policy is etched in stone.
India’s crypto saga has been a rollercoaster ride of epic proportions. Back in 2018, the RBI had instructed banks to steer clear of crypto services. However, in a plot twist worthy of a Bollywood blockbuster, the Supreme Court overturned that decree in 2021, declaring such a ban illegal. A resounding victory for the crypto enthusiasts, indeed!
Yet, despite this judicial triumph, the legal status of crypto in India remains as murky as a foggy morning. The Supreme Court has recently urged the government to craft a clear-cut policy, especially as concerns about illegal crypto activities loom large. Meanwhile, the RBI continues to sound the alarm, warning that cryptocurrencies could pose a significant risk to the nation’s financial stability. What a tangled web we weave!
Read More
- Gold Rate Forecast
- Pepe Price: Can the Meme King Rise Again? 🤑🚀
- LINK PREDICTION. LINK cryptocurrency
- Brent Oil Forecast
- Silver Rate Forecast
- CRO PREDICTION. CRO cryptocurrency
- USD JPY PREDICTION
- USD AUD PREDICTION
- USD PEN PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
2025-06-08 17:09