Prime minister. Crucial meeting ahead of the winter session comes after rbi finance ministry and home ministries, deliberations to consult global experts on this issue. During the meeting attempts to mislead the youth through over promise and non transparent advertising and the best practices to be followed but discuss the concerns of the possibility of unregulated crypto markets, turning into avenues for money laundering and terror, financing will also raise. The government is also likely to bring a comprehensive bill on cryptocurrencies in the coming winter session of the parliament. The standing committee on finance is scheduled to hold discussions on crypto assets in the next meeting on 15th of november. Raul srivastav now joins us, live for a better perspective on this uh rahul. This was uh a much needed move to come in uh in india, where the cryptocurrencies see a surge, but there is no regulation to cryptocurrency and there is a lot of uh buzz around this, but uh not too much dependability as well as far as the entire Uh uh cryptocurrency, led by blockchain technology, is concerned because just look at the volatility you see on the bitcoin or on ethereum or any other currencies for that matter good morning. The basic point here is that there has been a very big shift as far as visible as far as the government is concerned. Now, in this years budget session, we saw that there was a bill in the offing of which the details we had access and at that time it largely dealt with two elements: one banning a lot of cryptocurrencies and also a proposal to create a digital currency.

India of its own now lets get into the backdrop in 2018 april. Rbi is very clear. The banks should not be dealing with uh any kind of cryptocurrency and they would. It was a very uh tight regulation against it. But then what has happened is that if you see what the prime ministers review meeting has come, there are two three very strong elements: one that youth especially are being attracted to something which is not very transparent, and that is why what can uh? What one can talk about is that there are more advertisements now in the open, attracting people also most of the new unicorns, two of them, who are doing very well. Their average age of subscribers is 30 to 25, and that means youth in tier two three towns are really getting attracted to something like cryptocurrencies, because they dont know much about stock market. They dont know have much knowledge about instruments of other instruments, but these are bringing good returns, and that is why the government now wants to regulate and tap this opportunity cap it in terms that if it works well uh in a regulated manner, then the government can Actually earn revenue from it if it is a service gst, if it is a capital gain, then you can uh, then there is a direct tax. Second, the employment opportunity it offers, and that is why what we are hearing that the bill isnt offering in the winter section november 15th.

As you said, a standing committee is likely to meet, but india is not likely to follow a path chased by china, where there is a blanket ban. India could well be looking for a middle part and a middle policy on cryptocurrencies so that they can be used in a regulated manner in the uh country because of the opportunity and popularity they enjoy absolutely leave it at that thanks so much for that perspective right There uh rahu chavas of joining us for the very latest on the crypto regulation, which will uh come in soon, perhaps in india. Cryptocurrencies are extremely volatile and the market thrives on speculation. It is for this very reason that the world and its economies are still very about digital money. El salvador is the only country that has approved bitcoin as currency nations like the us, germany, uk australia have also taken a pro crypto stand, but then there are those like china who have put a blanket ban on bitcoin and other cryptocurrencies heres, our crypt. How cryptos are going around the world Music, bitcoin and ethereum, the largest and second largest cryptocurrencies in the world surging to new highs, rising as far as sixty seven thousand seven hundred dollars and forty eight hundred dollars, respectively? Both have more than doubled since june and added nearly seventy percent against the dollar since the start of october Music, the little more than decade old market for digital assets has already roughly quadrupled from its 2020 year.

End value and now stands at 3 trillion dollars in market capital, as cryptocurrency becomes a more significant factor in the global investment landscape. Countries have taken different approaches to regulating the asset class Music. El salvador is the only country in the world to allow bitcoin as legal tender. In june this year, the countrys congress formally adopted bitcoin as a form of payment. The united states has also taken a generally positive stance towards bitcoin prominent businesses like dish, network, microsoft, subway and overstock. Welcome payments in bitcoin. The digital currency has also made its way to the u.s derivatives market, adding to its legitimacy. Canada, too, maintains a generally bitcoin friendly stand. Bitcoin transactions are viewed as barter and the income generated is treated as business income, but some major canadian banks have banned the use of their credit and debit cards for bitcoin transactions similar to canada. Australia considers bitcoin neither money nor a foreign currency with the australian taxation office ruling it as an asset for capital gains tax purposes. United kingdom has a pro bitcoin stance and wants the regulatory environment to be supportive of the digital currency. Bitcoin is under certain tax regulations. In the uk, germany is open to bitcoin, where it is considered legal but tax differently, depending upon whether the authorities are dealing with exchanges, minors, enterprises or users. Bitcoin, however, is banned in china. All banks and financial institutions are prohibited from dealing in bitcoin. The chinese government has cracked down on miners and cryptocurrency exchanges are also banned in russia too.

The use of bitcoin as payment for goods and services is illegal. Bolivia, colombia and ecuador have also banned the use of bitcoin. India is considering a middle part on cryptocurrencies. What will it be well have to wait and watch bureau report india.

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