For most of the last decade, India’s stance on cryptocurrencies has been uncertain, to say the least. The current soft ban is hurting the country’s potential every day, but recent reports suggest the country is having second thoughts.
In March this year, a notification published by the Ministry of Corporate Affairs stated that companies dealing in cryptocurrencies would have to disclose their holdings to the government in financial statements. Crypto-holding companies will also have to disclose total profits and losses, as well as any deposits or advances received from other traders and investors.
Just two weeks earlier, there was a report that cryptocurrencies were expected to be criminalized under an upcoming legislative bill, including their trading, mining, issuance and possession. So, why the sudden change of heart? And does anyone really know what’s going on?
Uncertain on being uncertain
The MCA notification couldn’t have come at a more ambiguous time for cryptocurrencies in India. In the Reuters report, India’s finance minister Nirmala Sitharaman stated that the government was taking a balanced approach to regulation and not shutting down all options. The waning and waxing of stances from different government bodies and organizations beg more focus, but it still might not be too late.
India’s crypto industry leaders have been long heralding the case for crypto’s regulation and pushing harshly against a ban that could cripple thousands of businesses. The country’s demand for digital assets has never been higher, with a study that goes back to as far as 2018…