Argentina Bans Crypto Trading While India Deliberates a 28% GST Tax

While the world seems to be beginning to accept crypto and all that comes with it, some countries are doing their best to stray further away from it; Argentina and India are the latest addition to that lot who have pushed their citizens away from crypto using extreme methods.

Argentina Bans Crypto

As per the instructions released by the Central Bank of Argentina, financial institutions have been directed to no longer facilitate any kind of crypto-related operations for their clients.

Furthermore, any digital asset that is not regulated or recognized by the Central Bank is also included in this directive.

The reason that the Central Bank gave for taking such a drastic measure was the same old reasons cited by any and every government for standing against crypto – Volatility and crypto crimes.

The Bank said that the risks associated with crypto, including operational disruptions and money laundering to facilitate terrorism, as well as the lack of safeguards, are a few other reasons why they have banned crypto in the country.

While other countries such as India have revoked similar bans on crypto in the past, it is not sure whether Argentina will be headed down that path for now. 

India Increases Taxes

Talking about the country that banned cryptocurrencies a few years ago, India today has become a prime center when it comes to crypto.

According to Chainalysis 2021 Global Crypto Adoption Index, India was the second most prominent nation concerning participation in crypto.

Crypto Adoption Index

However, since March 2022, the state of crypto has been in limbo in the country. Finance Minister Nirmala Sitharaman announced a 30% tax on crypto-associated income while declaring no law on digital currencies.

Now following that announcement, it was revealed a few days ago by CNBC-TV 18 that the country’s Goods and Service Tax (GST) Council might levy a 28% tax on all cryptocurrency-related activities.

While it is yet to receive a formal confirmation, investors in the country are already dejected since regulations as such make it difficult for a crypto business or trader to flourish in the country.

But there are other countries accepting crypto with open arms despite not having as much usage as other countries.

El Salvador – The First To Accept Crypto

El Salvador became the first country on the planet to make Bitcoin a legal tender back in September 2021 and set a precedent for crypto enthusiast nations.

Although it received backlash from the International Monetary Fund (IMF) to repeal the law and was even threatened with the cancellation of loans if it did not budge, El Salvador stood unbothered.

Thus, inspired by El Salvador, Mexico too looked to make Bitcoin a legal tender, with Senator Indira Kempis proposing a crypto law for the same soon.

And following them, Switzerland’s Lugano also decided to make Bitcoin a legal tender to facilitate tax payments as well as daily transactions.

In conclusion, while the process is slow, crypto is becoming mainstream, and with the support of such countries, others who oppose it might overturn their decision too.

The post Argentina Bans Crypto Trading While India Deliberates a 28% GST Tax appeared first on CoinCentral.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

Overvalued or Undervalued? How much is Ethereum actually worth?

Ethereum (ETH) is one of the most popular and well-known cryptocurrencies. For the market, the Ether price is the second most important value after the Bitcoin. At the moment we saw a sharp drop in the value of Ethereum in 2022. But is Ethereum undervalued or overvalued today? In this article, we will tell you how much Ethereum

ETC Price Analysis: What is Ethereum Classic and its Battle With Ethereum

Ethereum Classic is a fork of Ethereum. People who closely observed the crypto world in 2016 know about the Ethereum hard fork. What is dramatic about the happening is that the once-vaunted “code is law” philosophy has been broken, pushing major waves in the crypto world. This post is all about ETC price analysis and its battle

Andreessen Horowitz Announces $4.5 Billion Fund for Crypto, Blockchain Sector

At a time when the digital assets market is witnessing an acute downturn, American venture capital fund Andreessen Horowitz has announced a new $4.5 billion fund for crypto and blockchain investments. This is the fourth fund from the Silicon Valley fund for the crypto asset class. Together, the fund now accumulates $7.6 billion. Andreessen’s first

Bullieverse Integrates ChainLink VRF for Bear Hunt NFT Game

The Bullieverse metaverse on Ethereum and Polygon have integrated the ChainLink Verifiable Random Function. The decision was made for a fair distribution of NFTs in the new Bear Hunt 3D game. Moreover, the function will help users verify the transparency of the game while also making sure everyone stands an equal opportunity to win the