What will happen to the cryptocurrency now? Will the government give it or will it stop it? Find answers to these questions

Latest news about cryptocurrencies - If you invest money in cryptocurrencies, this information will be useful to you. Let's find out what the government is preparing for?

What will happen to the cryptocurrency now? Will the government give it or will it stop it? Find answers to these questions

Latest Cryptocurrency News - The latest news is that the government will not support it. CFO Nirmala Sitharaman said the government has no plans to promote cryptocurrencies in the country. So should the government ban it? This is hidden by federal law. But, as Money9 has said before, that can hardly ever stop it. Now people are also wondering what the problem is with supporting or not supporting when you don't want to limit. In a recent statement on Rajya Sabha's cryptocurrency, Sitharaman said, “This is a high risk area and not fully under the rule of law. Is being tested.

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What is happening now

A lawsuit has been filed with the Madras High Court asking the court to ban any cryptocurrency disclosure until the government has established a law. The problem with institutions like governments and central banks is that the cryptocurrency industry continues to grow, with industries like financial markets, financial corruption, hawala, and illegal force also occurring. The government recently said it was not following the Bitcoin market. In other words, the government does not know how much money is being invested in the cryptocurrency market and how it is spent.

Under these circumstances, it is believed that under federal law, the Reserve Bank, SEBI, and taxpayer income can access the KYC records of business participants. In other words, these organizations will know who is investing how much and where the money is going. Just a few days ago, the government said it would not give Bitcoin profit status, meaning it could not be traded through it. This means that the government will not view private cryptocurrencies as currency. However, the government does not want to waste time trying to make money by embezzling cryptocurrencies.

News also came out that the government was planning to impose a 1% TCS, or a tax on the site itself, on crypto-related vendors. We can make changes to the income law.

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Suppose the tax revenue has been adjusted

Last Saturday, Nirmala Sitharaman announced that there was a lot of demand going through cryptocurrency and that was not all. Now you will be surprised that all of this has happened. No restrictions.

The government doesn't want people to run out of financial resources, but they have to pay taxes on the income they earn from cryptocurrencies. Until then, it's a good idea to be a bit more careful when investing your money in cryptocurrencies.

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