- Growing political force
- Current legal status
According to a recent economic time report, a huge 93% of Indian investors want to have some type of cryptocurrency regulation.
Among these investors, 56% want to ensure that regulation guarantees the protection and stability of investors.
Twenty -four percent of those of the multitude pro regulation want a minimum regulation to promote innovation.
The remaining 13% want regulation for fiscal purposes. In particular, the overwhelming majority of respondents (84%) believe that cryptocurrency taxes are currently unfair.
Important impediments
It is believed that the current tax regime and the lack of regulatory clarity are suffocating the growth of the industry.
In particular, 90% of survey respondents claim that they would be more willing to invest in cryptography if the rules were clearer and taxes were less draconian.
Growing political force
As in other countries, cryptocurrencies are becoming politically relevant, with an amazing 91% of respondents who claim that they would take into account specific cryptographic policies when they cast their vote.
The participation of the lion in urban voters under 35 years is more likely to support the friendly candidates with cryptocurrencies.
Current legal status
Until now, cryptocurrencies remain in a legal gray area in India, which means that this new kind of assets is still not regulated.
In 2018, the Bank of the India Reserve prohibited banks from providing cryptocurrency services, but the prohibition was revoked in 2020 by the Supreme Court, since it was considered unconstitutional.
