The elections for the seat of power in the largest democracy of the world came to an end on 23rd May 2019. The current ruling political party won the elections again as the people of the nation chose Narendra Modi as their Prime Minister for the second time.
The election in India began on April 11th, 2019, since then India has been under aachar sanhita or code of conduct, according to which the Government can pass no new law. Nevertheless, with the election results announced, the pending work of the lawmakers would also resume. Subsequently, cryptocurrency regulations can be expected soon as well.
Complete Crypto-Ban or Stringent Regulations?
Reportedly, an economic committee under the Indian Government has drafted a bill the Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019. The discussion on the bill is being held between the various branched of the Government. The bill will be introduced in the parliament for approval if sanctioned by the departments.
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https://coingape.com/india-bitcoin-elected-government-pass-crypto-friendly-laws/ Well, if the same party won the elections, I don't see anything should change much. Perhaps only under pressure, but given the total population of India, the number of crypto users in this country is actually seriously low. I think there might also be a conflict of opinions there with the government being ready to regulate but the economy-related authorities demanding a ban. I don't think India will go as far as banning cryptocurrencies, but it might impose the kind of taxes that will strongly discourage crypto-related activities in the country.