PayBitoPro CEO Urges Crypto Regulation in India

India as a nation has the largest number of people owning cryptocurrencies. Hence it has a considerable foothold in ascertaining the future of global crypto regulations. PayBitoPro CEO Raj Chowdhury voiced his thoughts on the growth potential of the crypto community following the implementation of crypto regulations. He also added that the nation’s existing policy of high crypto taxation may stop newcomers from participating, but several traders are already availing of crypto trading services from exchanges located abroad.

India: Spearheading Industrial Revolution 4.0

The world’s most populated democracy has been at the forefront of the current Fourth Industrial Revolution. India has made notable strides in the development of the metaverse, blockchain, Web 3.0, and financial inclusion product acceleration in the form of digital public services. The country ranks among the top spots for crypto adoption as well as the number of first-time crypto investors. 

The imposition of 30% taxes on crypto assets has been detrimental to the crypto assets has been harmful to the crypto start-up system in India. Multiple exchanges have already shifted their operations to nations open to crypto. This has resulted in a cumulative loss of Rs. 32,000 crores.

CEO Speak

PayBitoPro Chief Raj Chowdhury mentioned, “The bypass system of trading through non-Indian exchanges using foreign currencies makes the process of tax revenue collection more difficult. This is also benefiting the economy of nations where these exchanges are based.” 

RBI’s Anti-Crypto Stance

The nation’s central bank, the RBI, is a prominent detractor to all things crypto. Therefore, having previously mentioned its concern for diluted control of the economy. On the contrary, the apex Supreme Court had deemed RBI’s crypto ban as unconstitutional. RBI criticism of crypto, calling for an outright ban citing the present FTX implosion. Thereafter, reflecting that cryptocurrency has no “underlying whatsoever”.

“Cryptocurrencies have optimized transaction settlements in a way that has been embraced by MNCs, payment processing services, and expatriates sending earnings to their dear ones through remittance” concluded Chowdhury, who had earlier criticized SBF for the FTX asset management fraud.

Conclusion

India will be utilizing its position as the current G20 president to set up the global framework for crypto regulations. Thereafter, to prevent illicit money laundering. The crypto community is welcome to the idea of implementing crypto regulations. With thought leaders indicating that crypto regulation will promote confidence and trust leading to increased crypto adoption.

Source: https://finance.yahoo.com/news/india-needs-crypto-regulation-not-080000353.html