The Cryptocurrency Challenge
India Legal|February 28, 2022
The El Dorado of virtual currencies has the potential to become a quicksand for consumers. The government has taxed crypto trade, but are laws and regulations in place to protect consumers? The India Legal show, hosted by Rajshri Rai, Editor-in-Chief, APN channel, tries to deconstruct the ecosystem of cryptocurrency.
Sanjay Raman Sinha
The Cryptocurrency Challenge
  • All South Korea's presidential candidates have taken crypto-friendly stand in an effort to win over the young.
  • Intel is planning to release blockchain accelerators and has lined up some big-name buyers.
  • Uber CEO has said that the company will accept cryptocurrency in the future for payments.

THESE three news headlines hammer home the current craze over cryptocurrencies, the world over. India is also no stranger to virtual currency and the rage has kicked in strongly. The government is mindful of the consequences of regulated use of cryptocurrencies and has made moves to regulate it by bringing its trade under the tax net.

In her budget speech, Union Finance Minister Nirmala Sitharaman had said that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%, and one percent GST will also be levied on the crypto trade. The Reserve Bank of India (RBI) is also on the same page as the government, and is all set to launch its own digital currency. The government has termed the investment in cryptocurrencies as speculative and said that it will not be responsible for the loss caused by its use. This is a reason for concern for the 10.5 crore crypto investors of the country. So, naturally, the question arises: How safe are cryptocurrencies?

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