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Cryptocurrency Tag

Crypto Bill may Defer in Present Parliamentary Session & ECO’s may face GST Complexities

Today, we have two essential updates for you, and at the end of these updates, we will be asking an exciting question related to the updates.

Tune into the latest video where LawWiser takes you through the updates related to “Crypto Bill may be deferred in the present session of the Parliament” and “ECO’s like Zomato, Swiggy may face GST complexities Soon” Watch Prabhjot Singh sharing the update on India’s cryptocurrency bill unlikely to be presented in the ongoing winter session of the Parliament.

The reason behind this postponement is that the Parliament may be hesitant to take up the bill and has yet to finalize specific details. In the second update, E-commerce operators like Zomato and Swiggy as per last Government notification are liable to pay the 5% goods and service tax on restaurant services supplied through them.

This levy may begin from January 1, 2022. In the end, Prabhjot has also shared an exciting question related to the updates. Watch the full video and answer the questions in the comment section below.

#Zomato#Swiggy#GST#Crypto#Bill#Tax#Parliament#Services#Wintersession#Complexities#Postponement#Quickupdates

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Capital Markets Regulator For Crypto & Proposed Amendments-Notaries Act

Tune into the latest video where LawWiser takes you through the update on “India to Consider Capital Markets Regulator For Crypto” and “Proposed Amendments in Notaries Act

Watch Prabhjot Singh quickly taking through the update wherein India considers appointing its capital market regulator to oversee the cryptocurrencies.

The government is even planning to give crypto holders a deadline to declare their assets and further meet any rules. The people violating the rules would be fined 200 million rupees and imprisoned for 1.5 years.

The second update is related to the proposed amendments in the notaries act.

The amendments would lead to better development and regulation of notarial work undertaken by Notaries Public and facilitate the needs of the profession.

Stay tuned for more QuickBytes on lawwiser

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Cryptocurrency Advertisement Guidelines to Undergo Changes

Tune into this video where LawWiser takes you through the latest update on “Cryptocurrency Advertisement Guidelines to Undergo Changes”.

Watch Prabhjot Singh sharing the update on how with recommendations from the Advertising Standards Council of India the Government is looking to revise the advertisements guidelines for Cryptocurrency.

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Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Notably, there has been a tremendous increase of advertisements wherein we saw different film stars featuring in the ads of “Cryptocurrency,” promoting high investment returns in crypto. However, it has a dark side, too, as it has been used for certain illegal purposes.

Tune into this video, where LawWiser takes you through “Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

Watch Prabhjot Singh briefly explain the reasons behind the ban on cryptocurrency.

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Crypto Frauds (Cryptocurrency Frauds)

Cryptocurrency is a digital currency that is capable of performing the functions of a real currency. It works using blockchain technology. Payments by cryptocurrencies take place without any interference from an authorized agency. This kind of decentralized structure enables them to exist outside the government’s and authorities’ control.

Cryptocurrency frauds have taken a quantum leap in India due to-

-The increase of investments by Indians in cryptocurrency and the lack of regulations.

Crypto frauds have become a popular way to trick people into sending money by using different ways.

Watch this LawWiser #InAMinute video where Rajat Pradhan, Principal Associate at Phoenix Legal explains and helps us understand the rise of crypto frauds in India.

In this video powered by Phoenix Legal, he explains cryptocurrency and the lack of legal framework regarding the disputes involved in its transactions.

He also shares insights on the current situation of crypto frauds in the country with reference to a recent case before a Delhi Court.

Introduction to Crypto

There has been a sudden rise that has been highlighting in the case of Cryptocurrencies in India.

People across the globe have heavily become dependent upon –

Making digital payments and investing with the use of cryptocurrencies in India.

 For this reason, the popularity of Cryptocurrencies in India is on the rise.

As the use increases, crypto fraud cases are also at a peak as-

Various hackers and scammers have been active since the evolution took place in India.

Let us go in-depth about crypto fraud in India by first highlighting its crucial uses in today’s era.

Use of Crypto Currency in India

The use of Cryptocurrencies in India is not a new concept anymore because-

-People have started using them as a new mode of making payments for several purposes.

The fact that bitcoin is usable for trading can be one crucial reason for witnessing bitcoin fraud in India.

It is a part of traditional Indian economics that was very strong before the appearance of the internet.

The central bank of India has the strength of the Reserve Bank of India.

It is a significant thing to maintain the value of the Rupee.

To control the currency value, the central bank of India holds the flow of the currency of the nation.

In this way, it is essential for the people of India to know about-

– The role of the Reserve Bank of India.

Evolution of Crypto Fraud in India

The evolution of crypto fraud in India took place back in 2009, when cryptocurrency was introduced.

Creating a cryptocurrency in India was to create a platform where the ease of making payments through the internet could be normalized.

But with the introduction of bitcoin, the term “bitcoin fraud” also came forward as a shocking wave which further created a lot of buzzes around.

One reason for the hike in the cases of bitcoin fraud or crypto fraud is the rising popularity of trading in digital money, which offers the allure of multiplying your money.

For this reason, Crypto frauds have become a popular way to trick people into sending money by using different methods.

In the status of bitcoin fraud, we are witnessing a stressful concern.

As an answer, the UP Finance Minister quoted that the “quality of cryptocurrency may be uncertain in India, but the Indian Penal Code (IPC) and other laws are equipped to handle scams and frauds.

According to the latest stats, there have been cases where the Indian investors lost $500 million straightway as the scammers are increasingly controlling the market, resulting in crypto fraud.

Conclusion

There is no doubt how crucial digital payments have become in India as-

-The use of the internet in net transactions is relatively conventional and seamless.

However, as a matter of shock, there have been only some judgments that form the thread of crypto fraud cases that have taken place in India in a while.

Still, there has been no such ban or system that regulates it entirely or can protect the rights of Indian investors in that sense.

It is another asset class such as gold or real estate.

To feature in more such conversations, write us on [email protected]

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Understanding Cryptocurrency – in conversation

Bitcoins/cryptocurrency no matter how interesting investment in them may be, it still has legalisation issues in India and many countries. Watch Shashank Garg , Partner , Advani & Co. share the background on the introduction of cryptocurrency, quickly explains various aspects on its legalisation , the trends, issues in investment security and implementation of laws relating to cryptocurrency.

Watch it exclusively on #lawWiser.

To get featured in more such conversations, write us on [email protected]

UNDERSTANDING THE CRYPTOCURRENCYIntroduction

If you’ve already begun your journey to learning about Cryptocurrency, the first step is to understand the two stages of the journey.

When people learn about Cryptocurrency, they usually start with stage one and work their way up.

This article provides an intro to the two stages that are involved when a person is studying Cryptocurrency.

Details About CryptoCurrency

The first stage is known as the Forex market cycle. This stage is the length of time that a typical investor will hold their position.

During this stage, many investors who participate in the Forex market will only be focused on the short-term profit potential of particular currencies rather than the long-term potential for profit that could be gained by investing in Cryptocurrency itself.

For those investors who hold onto their positions for a longer period during the Forex market cycle, they may become frustrated by the inability to gain any long-term profits and begin to look at other opportunities.

At this point, some of these investors will begin to educate themselves on the basics of investing in Cryptocurrency to open themselves up to potential long-term profit.

Some will even attempt to use analytical skills to determine if there may be a correlation between the stock market sentiment and the price increases and decreases of specific Cryptocurrency pairs.

During the second stage of learning about Cryptocurrency, an individual investor will begin to determine which Cryptocurrencies they may be interested in trading. At this point, the investor will have chosen which currency pairs they would like to trade.

On the flip side of the sentiment, we are currently in the “no investment” stage of understanding the Cryptocurrency market when the market is completely driven by sentiment.

What are the changes expected in the new cryptocurrency bill?

The cryptocurrency bill is still waiting in the cabinet. However experts from different spheres believe that bill must have to classify the standard qualifications of the crypto.

When can we expect Cryptocurrency to be legalized in all the countries?

In countries like India and China, the authorities are more likely to pave the path to CBDC’s and not existing cryptocurrencies, as there is no legal backing.

What would be the best way to implement the cryptocurrency laws as there is no precedent on its regulation?

Firstly, the government will consult its stakeholders as we are still in the drafting stage of the bill.

Secondly, the government should do a detailed SWOT analysis to understand the implication of introducing the law.

Some Important Measures

While investors may not be investing in the top 10 or even top 20 of Cryptocurrections right now, they are certainly getting involved in some sentiment-driven investment.

From here, we study the trends and volatility that are associated with the various domestic currency pairs. Trends typically occur over a longer period, but there are instances when the trend can happen much quicker.

Volatility is most commonly associated with larger values, such as the GFL and USD, but this is not always true. Watch crypto frauds to know more

In addition, there are many other important indicators for you to learn about, including those provided by the Cryptocurrency Research Society.

Cryptocurrency trading is a great way to make money from home if you properly analyze it. Once you have learned the basics of the process, you will never stop wondering what might happen next!

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