Indian National Assembly member Shashi Tharoor discloses Bitcoin investment, CoinDCX CEO reacts.
Shashi Tharoor, a prominent figure in Indian politics and Congress candidate from Thiruvananthapuram, has listed Bitcoin ETF among his diversified financial portfolio in an interesting twist on financial disclosures that herald the 2024 Indian general elections. disclosed its investment in .
India is heading to general elections to elect its prime minister, with the election process taking place from April 19 to June 1, with results expected on June 4.
Shashi Tharoor, who has a political career spanning various roles including former HRD and External Affairs Minister and is currently serving his third term as a member of the National Assembly, disclosed holdings of a Bitcoin ETF worth $6,138 (Rs 5,11,314). . This move is not only a personal investment strategy, but also an indicator that views on cryptocurrencies are slowly changing within the upper echelons of Indian governance and policy circles.
Tharoor’s revelations prompted mixed reactions. with Sumit Gupta, CEO of Indian cryptocurrency exchange CoinDCX, visit us on social media platform gupta I applaud you Tharoor said, “Good to know @ShashiTharoor knows #Bitcoin!”
He also highlighted that Tharoor’s investment disclosure could potentially have a positive impact on increasing Indians’ confidence in exploring cryptocurrencies.
“It is therefore encouraging to see that Shashi Tharoor’s portfolio includes Bitcoin exposure. This can give more Indians confidence in cryptocurrencies!”
In addition to his Bitcoin ETF holdings, Tharoor’s statement highlights his diverse investment portfolio, which includes foreign investments in stocks, corporate bonds, certificates of deposit, options, and U.S. Treasury securities. Tharoor’s declared total movable assets are $5.9 million (Rs 49.3 crore), with additional immovable assets valued at Rs 675 crore.
Why is it important? Tharoor’s investment is particularly notable against the backdrop of India’s cautious, if not skeptical, stance on cryptocurrencies. Despite the lack of a central regulator for cryptocurrencies in India, the Ministry of Finance has begun recognizing financial activities surrounding digital assets by introducing a tax regime specific to cryptocurrency trading in 2022. This includes a high 30% tax on cryptocurrency profits and a 1.1% tax. % TDS on all digital transactions. Additionally, the RBI governor’s call in January 2023 for Bitcoin to be classified as “gambling” and banned outright highlights the controversial position the cryptocurrency occupies within the country’s financial and regulatory ecosystem.
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However, 2023 was a pivotal year in which India, as the G20 chairman, played a pivotal role in driving a global consensus on a regulatory framework for cryptocurrencies. The agreement among G20 finance ministers on a roadmap to comply with Financial Action Task Force (FATF) standards and the adoption of the IMF-FSB’s comprehensive document on cryptocurrency regulation indicate India’s evolving position and inclination to create a balanced regulatory environment. . Accelerate innovation while mitigating risk.
Shashi Tharoor’s foray into cryptocurrency investing is therefore not an isolated incident, but rather reflects the broader, albeit gradual, acceptance of digital currencies within India’s financial discourse. With Tharoor’s diverse investment portfolio featuring stocks, bonds and now the Bitcoin ETF, the story extends beyond personal investment choices to potentially influencing public opinion and policy considerations regarding cryptocurrencies in India. It’s possible.
The intersection of politics, private investments and policy decisions in the cryptocurrency context will continue as India deliberates on its approach to cryptocurrency regulation and a parliamentary standing committee hints at delaying acceptance of a specialized cryptocurrency regulation bill until mid-2025. no see. We will make it a space for interest and reflection.
In this environment, Tharoor’s investment in Bitcoin ETF could be a harbinger of the gradual mainstreaming of cryptocurrencies in Indian financial markets and portends a future where digital assets find a more defined and accepted place within the country’s economic framework. .
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