There is a big question mark as to whether crypto currencies are legal in India and there is some talk that the government may ban it in the next budget. However, I see so many ads of Indian crypto exchanges on TV and Internet. Is it legal to advertise crypto as an investment product when there is question mark on its legality and it may even be banned? Does this amount to fooling investors?
How exactly there is a question mark on its legality as an investment product? There was a banking ban in place, which was set aside by the Supreme Court, and presently investments in crypto currencies are legal in India. Now coming to the potential "ban", such speculation has been doing the rounds in media for a year, while the finance ministers have been categorical in saying that a "calibrated" approach would be adopted. The government is not a fool not to recognize the potential of cryptocurrencies in 2021, with literally web 3.0 being built on ethereum. If anything, Indian projects such as Matic (polygon)- the first mover in layer 2 solutions on ethereum, are already an unicorn. Educate yourself first about what's going on in the world.
cryptos are not "illegal", they are just not legal tenders - meaning that govt cannot endorse for the value of someone holding the cryptos, as RBI does in the case of INR bank notes. RBI circular making cryptos illegal is long quashed by the SC in 2020. Cryptos are currently being taxed as well at LTCG and STCG, but on self reporting basis. So crypto investment/trading is being seen as some business rather than seen as a regulated investment vehicle like mutual funds or stocks.
Don't understand how someone can call our PM #fekumodi just for saying that misleading of youth should stop. On the other hand if the PM had tried to mislead the youth then he could have been called Feku but certainly not for objecting to misleading.
This fella just spewing his anti-RW venom. Not for the first time. Instead of calling Modi Feku he should have provided some argument in support of crypto. But probably he has no such argument, so just shoot the messenger.
Claims to be a lawyer but doesn't practice actively.
From this debate he looks more of a model than a lawyer.