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Before the Finance Minister Nirmala Sitharaman presents the Union Budget in the Parliament on February 1, 2021.
Here’s what Crypto Market expects from the Government:
Kumar Gaurav- Founder and CEO, Cashaa:
“I am sure the government will give adequate finance for micro-business who are destroyed in Covid 19. Co-operative societies and NBFC who financed most of the microloans should get a compensation package or liquidity for faster recovery of the economy.
As the Supreme court has already removed the ban, the crypto industry will need some time to foster innovation in crypto in India. At this stage, the only good thing which can be done to overcome the damage done is to not over-regulate it.”
Pranay Sanghavi Co-founder and Chief Business Officer MahaDAO:
“As one of India’s key crypto projects going global, we at MahaDAO expect sustained government support for the crypto ecosystem for the ease of doing business. Our global community is very strong and has put their belief in us by making ARTH a very popular valuecoin. We would appreciate clarity of taxations and a recognition to crypto currencies at large in the upcoming budget.
Bitcoin recently surged to 40000 USD and the popularity of the same is at an all time high. We would urge our Indian Govt to make the process for millennial and older investors hassle free.We are also expecting the Budget to introduce legislation for crypto assets and blockchain technology. Crypto assets being the new digital currency will also help boost the growth of the country’s economy, but only when the economy begins to accept new solutions & innovations which can again strengthen the greater aim towards digital India.”
Sumit Gupta, CEO, and Co-founder, CoinDCX:
“Cryptocurrency has been emerging as one of the fastest-growing digital assets globally and India has seen tremendous traction building up following the supreme court lifting the banking ban. With growing awareness, there is growing consensus that cryptocurrencies will certainly play a crucial role in the way we deal with money and therefore it can positively contribute to the nation’s GDP. At the moment, one cannot ignore the industry’s growth and the interest it has generated from the investors. In the past few years, the industry has generated thousands of direct employment in the country. As more and more companies related to cryptocurrency set up a base in India, the industry expects recognition.
A recognition can accelerate its contribution to the GDP and employment by multifold. It will bring a trust factor not only for the retail investors but also for the institutional players. While there may be a delay in bringing in smart and sensible regulations for the sector recognizing crypto as a tradable commodity will be a significant relief. Further, to tackle AML & other funding concerns, the government should consider a formal direction to exchanges to follow the virtual assets guidelines of FATF.
Additionally, considering the ambiguity among investors pertaining to the tax applicability for the income earned from crypto trading, we expect the upcoming budget to bring in amendments in the income tax and GST laws thereby offering more clarity to investors, traders, and crypto organizations.”