India is to tax and regulate Bitcoin and crypto after previously considering a ban, which could be the next step towards making it legal tender in the country, affirms the CEO of a game-changing global financial giant.
The bullish assessment from Nigel Green of deVere Group, one of the largest independent financial advisory, asset management and fintech organisations, comes as Indian Finance Minister Nirmala Sitharaman announced a 30% tax on any income from the transfer of digital assets, a first for the nation.
He says: 鈥淚ndia, like many other countries, has come to the sensible conclusion that you cannot ban cryptocurrencies. It would have been a futile and backward-looking decision to do so.
鈥淏orderless, digital currencies are unstoppable in our increasingly tech-driven, interconnected world 鈥� and the Indian authorities know this.
鈥淩ecognition of digital currencies by the world鈥檚 second most populous country and the world鈥檚 largest democracy is a landmark moment for cryptocurrencies.
鈥淭he clarity will further shore-up the crypto space and help drive prices.
鈥淚鈥檓 confident that history will show that this is the first step to India adopting Bitcoin as legal tender in the future. It remains a long way off, but it鈥檚 certainly a step in that direction.鈥�
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At the beginning of the year, Nigel Green told the media that he believes that another three countries will follow El Salvador鈥檚 example and make Bitcoin legal tender in 2022.
鈥淗ow many remains unclear, of course. But when it happens, it will be a snowball effect,鈥� he noted.
A long-time and high-profile advocate of digital currencies, he has been a consistent voice on calling for regulation of the crypto market.
鈥淕reater regulatory scrutiny must be championed as digital currencies, including Bitcoin, are set to play an ever greater role in the international financial system. What鈥檚 needed is a strong regulatory framework to be established and approved at an international level.
鈥淪uch regulation will help protect investors, tackle criminality, and reduce the possibility of disrupting global financial stability, as well as offering a potential long-term economic boost to those countries which introduce it.鈥�
Regarding India鈥檚 30% new tax on digital assets, Nigel Green says: 鈥淚t鈥檚 too high. I imagine that many investors, to avoid the 30% tax, will not withdraw from government banks and will sell on peer-to-peer platforms, amongst other ways.鈥�
He concludes: 鈥淚ndia is edging toward making Bitcoin and cryptocurrencies legal tender. We can expect other major economies to copy India鈥檚 trajectory. This is bullish for prices.鈥�
