Government’s aim to regulate crypto raise concerns,50,000 jobs at stake

November 30, 2021

Government’s aim to regulate crypto raise concerns, 50,000 jobs at stake

People employed in the crypto industry are worried as the fate of the industry remains unpredictable. Despite crypto being an illegal tender in India, the country has 15 home-grown cryptocurrency exchange platforms, consisting of more than 10 crore investors, according to Hindu Business Online.

Vinshu Gupta, Founder and Director, Nonceblox Blockchain Studio said “It is easy to use privacy coins to launder money or use a crypto mixer to hide drug or blood money but crypto also employs over 50,000 people in India and has immense potential to push India as a true 21st century super power.” “The crypto industry needs regulation but it should be inclusive. A taxation process like TDS where profits are taxed at withdrawal sources in India like exchanges is a good strategy to start. The more it becomes an open-ended ecosystem, the more value it will bring to the Indian economy,” he added.

Currently, there is a lot of uncertainty but the government is making efforts to soon put out proper regulation with regards to crypto investment as it is quickly getting widespread across India,” said Hemang Jani, Head – Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.

Copyright @ 2021 The Hindu Business Line

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