Onboarding people to Crypto is getting more challenging in India
India is a country where people are exploring more opportunities to grow their income base. Cryptocurrencies are one of the greatest options because it is a place where people can do 24-hour trading and they can easily grow their investments. It has already been very hard to onboard people to crypto but now after some new regulations by the government, I believe it is going to get harder. Not many people find a job in the crypto space and earn in the crypto world and try to take the money to the real world.
Most people try to invest some money and with that money, they trade and grow the money and take it back to the real world. This is how most people are trying to experiment with crypto. There are also people who use cryptocurrencies for Money Laundering and that is where the government has started watching with hawk eyes. I would say that this is probably a good move for the government to filter people who are trying to do bad things. I'm not sure how many people would welcome this move. But people should definitely welcome this and I believe this can make the crypto situation better in India.
Regulations are good
There are no changes to the regulations that are currently in place. The government is only adding a factor to control AML here where some people make crypto as an excuse to do money laundering. The tax parameters announced by the government are still intact and there are no changes to those parameters. There would still be TDS and there would still be taxes based on our tax slab. I personally think that the government is also welcoming cryptocurrencies slowly and steadily but they are trying to bring more regulations so that it is not used as an excuse to exploit the current system.
There are other countries in the world that are keeping their crypto regulations very strict. Compared to those countries, I would say that India is maybe in a better place. But I'm expecting a situation where cryptocurrency exchanges get more support from the government and start doing well in India. Right now the cryptocurrency exchanges have been asked to do KYC and provide the details to the government whenever asked.
Banks are mostly not friendly with cryptocurrency exchanges. That is one of the reasons why exchanges find it very hard to allow people to deposit or withdraw their funds. Some people make use of the P2P methods provided by some of the exchanges to do the trading. With all these challenges onboarding people to crypto is getting harder. Earlier people will have to only explain the crypto concepts but these days people are clever and they ask how they can withdraw their funds after depositing or whenever they want to withdraw. There are facilities available to withdraw crypto or convert crypto to FIAT, the government-approved methods are very minimal but soon they would still get popular.
We are hoping to see things made easier in the coming years so that more people make use of this wonderful technology and try to build their businesses on top of it. Already there are a few startups trying to make beautiful things with this technology but mostly they try to keep their base in other crypto-friendly countries and use India as their secondary base which operates fully in FIAT. If things are made easier, companies can operate fully in crypto staying inside India. Hopefully, a day would come for that soon.
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No matter how Indian government imposed the regulations ,still crypto is decentralised and no government is bare to change and understand it.
Keep your faith in touch with crypto world and explore more.
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Let's see when government realises the fact that crypto is future. It will take time but must happen in near future.
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If only government is as interested as in the profits of an individual in crypto as his/her losses!
India is included in the countries that regulates the Crypto, which is good for nation that now they have one more option to earn money.
I also think regulation is a good thing, especially in the short term. There are bad actors that need to be dealt with.
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I hope so also, but it's my experience that unless there's a compelling reason to leave conventional business practices, most businesses prefer to compete on the same playing-field as their competition. They don't realize that finding that crypt niche would elevate their business into a completely different and more efficient level.
that would be one of the main point in crypto: don't need government who track, monitor how much you have, what you do with your money, crypto. And supporting stealing from it (tax)... :) :) :)
the money laundering: the governments and connected corps., banks are the biggest money launderers. they just don't want anybody, like you and me or any average person do the same. It's their privilage! I never going to support any gov., regulations, KYC. If you want that: don't use crypto. stay in the nowadays existing money system.
remember my first experience about govs. from my early childhood. They were building roads (the only thing what gov does) in my village. They say you pay tax, so they can build roads, for example. Well, even that did not work. They asked contribution from all the people in the streets. (I don't remember how big % was that, just remember that my parents were fighting because of the bloody money, how will they pay that...)
Of course, later I got it: the paid tax must be more than enough for basic things like this, if the gov people hand in hand with corporations, banks don't want to steal, money launder after that whatever they can. (and of course, they wouldn't love to steal every single time when they can find some - usually nuts - reason) If the road builder corps. wouldnt bill 200% of real cost, if the gov. people dont sign a 100% corrupted contract, if they dont launder the stolen extra 100% hand in hand etc. And they set up most of the insanity (KYC, tax in crypto) as your best interest!
Anyway, it is incredible hypocrath, that they spoke vs. cryptos, now they want to control that, put tax on that etc.
Again, it is not anybody's interest to let govs., banks, corps. or any other organization, group of people involved what you got in your pocket. pretty much the opposite. looks like only privacy coins will survive it. (what plenty govs., banks, corps. are already using for their huge money launderings.)
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