Indian and US politicians up in arms against cryptocurrencies

Key Takeaways:

  • US Congress Representatives have introduced legislation on El Salvador's adoption of Bitcoin
  • In February, three US Sentators tabled a similar bill on the floor of the US Senate
  • Indian MP Sushil Modi continues to push for hgher crypto tax in the country
US Congress Representatives, Senators, and an Indian MP are leading the fight against cryptocurrencies in their respected countries.
U.S. and Indian politicians are leading an uphill battle against cryptocurrencies. Credit: Paul Campy via Flickr

YEREVAN (CoinChapter.com) – Despite the global cryptocurrency adoption, some politicians have taken it upon themselves to lead a battle against crypto. In particular, lawmakers from two large democracies, the United States (U.S.) and India, seemed undeterred. The U.S. House of Representatives will discuss new legislation on El Salvador’s adoption of Bitcoin (BTC) as legal currency. In India, an M.P. from the ruling party wants unfriendly crypto policies.

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U.S. Congress Representatives see a threat from El Salvador

The Democratic party Representative from California, Norma J. Torres, and her Republican counterpart from Arkansas, Rick Crawford, are behind the bi-partisan legislation. On Monday, the duo introduced the Accountability for Cryptocurrency in El Salvador (ACES). The bill aims to mitigate risks to the U.S. financial system caused by the Central American nation’s Bitcoin (BTC) adoption. 

Congresswoman Torres took to social media giant Twitter to share the news.

Torres also published the details on her website. The legislation wants the State Department to analyze the risks coming from El Salvador. In addition, the Representatives have asked for a detailed report on plans to mitigate such risks.

According to the Congresswoman, global financial institutions have studied the numerous risks of El Salvador’s adoption of Bitcoin (BTC). As a result, the international community acknowledges the potential danger of cryptocurrencies.

“The United States must have a plan in place to protect our financial systems from the risks of this decision, which appears to be a careless gamble rather than a thoughtful embrace of innovation,” 

Torres said. 

As CoinChapter previously reported, three U.S. senators had also introduced similar legislation in the Senate. The move had received a strong reaction from El Salvador President Nayib Bukele. 

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Indian MP wants to make life hell for those investing in cryptocurrencies

The United States is not the only one struggling with crypto-unfriendly politicians. India, the largest democracy, has its fair share of them too. 

One parliamentarian from the ruling Bharata Janata Party (BJP) seems invested in fighting against the adoption of cryptocurrencies. Sushil Modi, an unelected lawmaker in the upper house of the Indian Parliament, is the poster boy of cryptocurrency denouncers. Last week he asked Indian Finance Minister Nirmala Sitharaman to increase the crypto tax from the current 30%. However, the M.P. does not seem satisfied.

In a recent interview with Forkast, Modi pushed for a massive 50% crypto tax. In addition, he asked the Government to discourage people from investing in cryptocurrencies and digital assets. 

Modi went on record to expose his party’s anti-crypto policy. The former Deputy Chief Minister of Bihar made it clear that the Government wants to create unfavorable conditions for the trade and ownership of digital assets.  

“The government wants to make life hell for those people who are investing in cryptos,. That is the bottom line. That is the main thrust of the entire tax,”  

Modi told Forkast.

His previous comments on the house floor had received strong criticism from the opposition legislator Priyanka Chaturvedi. The Shiv Sena MP had said Modi’s anti-cryptocurrencies stance is backed by his ignorance of emerging technologies and web 3.0.

As the world embraces new technologies, some people want to resist change. But, as history has witnessed on many occasions, they will fail.

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