Cryptocurrency has always been a sensitive and controversial subject in India. On the one hand, while many investors and developers are excited about this, on the other hand the government and some regulatory bodies have taken a tough stand on it many times. Recently, the Government of India has indicated to increase strictness on suspected transactions of cryptocurrency. The Union Home Ministry has instructed the investigating agencies to conduct forensic examination of illegal transactions of cryptocurrency and identify such cases immediately. After this step, the question arises whether the Government of India will put Crypto Oppose completely? In this article, we will discuss this subject in detail.
Strictness on cryptocurrency and government’s direction
The attitude of the Government of India has not been clear about cryptocurrency. On the one hand, while the number of users of cryptocurrency has increased in the country, on the other hand government institutions continue to see a tough stance on it. The Ministry of Home Affairs has recently instructed all investigative agencies to make forensic analysis of suspected transactions of cryptocurrency. The step has been taken with the aim of keeping strict monitoring on illegal financial activities like money laundering, fraud and ransomware payment.
Crime related crimes are continuously increasing. According to data from the Ministry of Home Affairs, from 2020 to 2024, forensic matters related to crypto have increased by 45%. By 2023, the loss due to criminals caused by cryptocurrency had increased to $ 5.6 billion. Given this type of increasing problem, the government’s steps are pointing out that it is serious about controlling cryptocurrency and implementing strictness.
Crypto users and government dilemma in India
The use of cryptocurrency in India is increasing rapidly. According to a report, the number of cryptocurrency investors in India has reached around 5 crore. Many of these people like traditional trading Cryptocurrency buying and selling While there are some traders who are keeping distance from the crypto market due to the crypto tax implemented by the Government of India. Despite this, people investing in Crypto are investing in new toiles to protect their crypto holdings.
The number of crypto developers in India has also increased. According to a report, 11.8% Crypto Developers are located in India, which makes India the second largest country in the world in terms of crypto development. This shows that India is constantly increasing interest in cryptocurrency and the region is gradually expanding.
However, the attitude of the Government of India is not clear on this. Reserve Bank of India (RBI) Governor Shaktikanta Das has demanded to oppose Crypto several times. In addition, the government has never openly supported the cryptocurrency. This situation is causing concern not only for investors, but also for Crypto developers.
International perspective and India’s stance
Currently many countries have relaxed their views about cryptocurrency. For example, the US has recently planned to make cryptocurrency a part of its strategic reserve. Donald Trump New document signs to create strategic bitcoin stock Have done, which shows that some countries are making cryptocurrency a part of their economic system.
In contrast, cryptocurrency in India has always been hesitant. The Indian government and the RBI have been expressing their concern about cryptocurrency. RBI Governor Shaktikanta Das has expressed his displeasure against cryptocurrency several times and has stated the need to ban it. This raises the question that will the Government of India eventually impose a complete ban on cryptocurrency?
Will the Government of India do Crypto Oppose?
Given the increasing popularity of cryptocurrency in India and crimes associated with it, the government’s attitude can be even more strict. However, due to the increasing number of cryptocurrency users and developers, the government may have difficulty banning the crypto. If the government decides to ban cryptocurrency, it will not only affect investors, but India can also lose technical and economic opportunities.
Therefore, it is possible that the government may consider creating a regulatory framework for this, rather than banning cryptocurrency. This will provide security to investors and also take strict action against criminals.
Conclusion
The Government of India has not yet been clear about cryptocurrency, but the number of steps taken by the Ministry of Home Affairs and rising crypto offenses indicates that the government is serious about strictness on cryptocurrency. However, given the increasing interest in cryptocurrency and its users community, it is likely that the government may form a regulatory framework, so that it can be controlled instead of banning it completely. In the future, the Indian government will have to maintain a balance in its decision to ensure that cryptocurrency can also develop and its illegal use can also be controlled.
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