The Government of India has made all preparations to bring a bill on crypto. No one knows what is in the final crypto bill. Whoever is understanding or who is taking information from where he is trying to understand and explain it in his own way. Indian media, as usual, is publishing news without giving any thought to its sources before it becomes law. Due to these news crypto prices in India are showing up to 20% below international prices.
The Indian investor has always been incurring losses, be it because of the government, because of the exchange or because of the wrong media reports. People are being misled by calling the falling price of crypto on the exchange a discount price. Closing exchange deposits and withdrawals. At such times, it is common for Indian exchanges to face problems. Owners of these exchanges will be found on TV at this time giving you knowledge but they do not have time to improve their exchange.
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Some big news papers and news channels of India are saying that a law will be made to stop private crypto and investment in one or two cryptos will be allowed. The crypto in which investment will be approved can be invested in it like an asset. Tax on this will also be applicable like property investment. Here no newspaper or channel is telling what is meant by private crypto? He cannot even tell this because he himself does not even know.
If there is one or two cryptos to be recognized, it would be bitcoin and Ethereum as it is not entirely under the control of a single person. Private crypto can consist of exchange tokens or can be tokens built on the Ethereum chain. If it is a matter of recognizing only one or two cryptos, then there can be a big problem for the Indian crypto exchange. It will not be possible to extract the volume of the exchange from two cryptos simultaneously and run the exchange.
Right now the crypto bill may take a long time to become law. What is in this bill and what will happen can only be guessed at this time. It would be better if we wait a bit. We have to see what is meant by private crypto in the definition of government? If the bill and the law are not correct and it harms the investor or if the government makes any law against some of our rights, then it can be challenged in the court, like the decision of the Reserve Bank was challenged.
The government cannot stop crypto simply because it will encourage terrorism or there are large fluctuations in the price of crypto. All these things have been happening in the past and will continue to happen without crypto. The government will not be able to ban it without a strong reason. The crypto community needs to be ready to raise its voice against the wrong decision of the government.
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