Fun

Indian Government Launching Crypto Awareness Campaign

News Feed - 2023-01-04 11:01:25

Indian Government Launching Crypto Awareness Campaign


The government of India is launching a crypto awareness campaign that will educate investors about the legality of cryptocurrencies in the country while highlighting the risks of investing in crypto assets. Indian Government’s Cryptocurrency Awareness Campaign


The Indian government is reportedly launching a first-of-its-kind crypto awareness campaign. It will be conducted by the Investor Protection and Education Fund Authority, a government body controlled by the Ministry of Corporate Affairs.


A government official was quoted by ET as saying: The campaign will highlight that cryptocurrencies are not legal in India and there are also deep risks involved in such assets. Any investment where the people are being promised lucrative and assured returns, there is an element of high risk.


The government of India has been working on a crypto policy since 2019 but nothing has been finalized. Indian Finance Minister Nirmala Sitharaman said the government plans to discuss crypto regulations with the G20 members.


The Indian central bank, the Reserve Bank of India (RBI), has long recommended a complete ban on all cryptocurrencies like bitcoin and ether, warning of their potential to destabilize the country’s monetary and fiscal stability. RBI Governor Shaktikanta Das recently said the next financial crisis will come from cryptocurrencies if they are not prohibited. However, Sitharaman said both banning and regulating require international collaboration to be effective.


Rajagopal Menon, vice president at Indian crypto exchange Wazirx, told The Hindu: Cryptocurrency investing can be a complex and risky endeavor as the category is extremely volatile and works round the clock. It is important for potential investors to thoroughly educate themselves before making any decision.


However, some are concerned that the Indian government’s crypto campaign may paint cryptocurrencies in poor light, given that the Investor Protection and Education Fund Authority has conducted awareness campaigns on Ponzi schemes, chit funds, and dubious crowdfunding projects.


Vipul Kharbanda, a non-resident fellow at the Centre for Internet and Society (CIS), was quoted as saying: If the government takes a heavy-handed approach and starts saying things like virtual currency is not legal in India, that will not be entirely true. People may presume incorrectly that it is illegal.


Both the Indian government and the central bank have said that cryptocurrency isnot illegal in India.


Despite having no regulatory framework for cryptocurrency, the Indian government is taxing crypto income at 30% and has imposed a 1% tax deducted at source (TDS) on crypto transactions. Tags in this story crypto awareness campaign, crypto illegal, crypto india, crypto legality, cryptocurrency awareness campaign, cryptocurrency india, India, india crypto regulation, indian government, Indian government crypto campaign


Do you think the Indian government’s crypto awareness campaign will help or hurt the crypto industry? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Report: Morocco Central Bank Governor Says Crypto Draft Law Now "Ready" REGULATION | 1 day ago Indian Central Bank: Developing Global Crypto Regulation Is a Priority for G20 Under India"s Presidency REGULATION | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRobert Kiyosaki Predicts Gold Price Soaring to $3,800 While Silver Rises to $75 in 2023 Next articleExecutive Linked to Crypto Exchange Bithumb Found Dead Outside His Home: Report Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Bill Gates: Crypto Has No Valuable Output — It’s Not Adding to Society Like Other Investments
Bill Gates: Crypto Has No Valuable Output — It"s Not Adding to Society Like Other Investments Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or oth
Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 as Prices Extend Recent Declines
Bitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 as Prices Extend Recent Declines Ethereum was once again trading in the red, as prices of the token fell below $1,600 d
Sky rethinking plan to offboard WBTC after discussion with BitGo CEO
Martin Young14 hours agoSky rethinking plan to offboard WBTC after discussion with BitGo CEOBA Labs, adviser to DeFi lender Sky, says concerns about Justin Sun’s role in Wrapped Bitcoin custody have been resolved with
William Suberg11 hours agoBTC price hits $27.4K as Bitcoin open interest matches Grayscale peakBTC price gains more than 3% as the week begins, but concerns over open interest “ramping up” almost $1 billion in hours
Payments Firm Bolt Scraps Deal to Acquire Crypto Company Wyre
Payments Firm Bolt Scraps Deal to Acquire Crypto Company Wyre California-based online payments company Bolt is pulling out of an agreement to buy crypto provider Wyre. The news of
Billionaire Paul Tudor Jones Now Prefers Crypto Over Gold as Inflation Hedge
Billionaire Paul Tudor Jones Now Prefers Crypto Over Gold as Inflation Hedge Billionaire hedge fund manager Paul Tudor Jones says that bitcoin is currently “winning the race
POPCAT’s Firm Support At $1 Reignites Rally Toward New Heights
Este artículo también está disponible en español. POPCAT has reignited excitement in the market as buyers stepped in at the crucial $1 support level, halting the recent p
Ana Paula Pereira6 hours agoa16z suggests Machiavelli to fix decentralized governanceIn a blog post, a16z’s Miles Jennings discusses how DAOs can avoid power centralization by applying Machiavelli’s principles.840 To
Ethereum’s Shanghai Hard Fork Could Happen in March 2023, ETH Dev Says Staking Withdrawals Is the ‘Highest Priority’
Ethereum"s Shanghai Hard Fork Could Happen in March 2023, ETH Dev Says Staking Withdrawals Is the "Highest Priority" According to a recent Ethereum Core development meeting on Dec.
Paraguayan Lawmakers Present a Very Different ‘Bitcoin Bill’ Than Expected
Paraguayan Lawmakers Present a Very Different "Bitcoin Bill" Than Expected A group of Paraguayan lawmakers presented a ‘Bitcoin bill’ in the National
Canada’s ‘Mad Max’ Supports Bitcoin — Says ‘I Hate How Central Banks Are Destroying Our Money and Economy’
Canada"s "Mad Max" Supports Bitcoin — Says "I Hate How Central Banks Are Destroying Our Money and Economy" Maxime Bernier, a former cabinet minister nicknamed “Mad Max
Blackrock CEO on FTX Collapse: Most Crypto Companies Aren’t Going to Be Around
Blackrock CEO on FTX Collapse: Most Crypto Companies Aren"t Going to Be Around The CEO of Blackrock, the world’s largest asset manager, says that most crypto companies will n