Indian government officials have said that there is currently nothing outlawing cryptocurrencies in India “so long as legal procedures are followed.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrencies have no fundamental value.”
Indian government official on crypto
Indian government official Rajeev Chandrasekhar spoke about cryptocurrencies at an event in Bengaluru on Thursday. Chandrasekhar currently serves as both Minister for Electronics and Information Technology and Minister for Skills Development and Entrepreneurship of India. He is also a member of the Senate, Raja Sabha.
He explained that India would have no problem with cryptocurrencies if all laws were followed, Reuters reported, citing him:
Nothing outlaws cryptocurrencies today as long as legal process is followed.
indian government not yet established Cryptocurrency regulatory framework. Last December, the government told parliament that legislation on cryptocurrencies would be “effective only with significant international cooperation.” Indian Finance Minister Nirmala Sitharaman recently said the government plans to discuss cryptocurrency regulations with India. G20 countries.
However, India already imposes a 30% tax rate on cryptocurrency income and a 1% withholding tax (TDS) on cryptocurrency transactions. Earlier this month, the government Crypto Awareness Campaign.
On the other hand, the Reserve Bank of India (RBI), the central bank of India, Complete ban Virtual currencies such as Bitcoin and Ether. “Cryptocurrencies have no fundamental value,” said RBI Governor Shaktikanta Das last week. Weakening It will disempower the RBI and lead to dollarization of the economy. ’” He even anticipates that cryptography is to blame next financial crisis If not prohibited.
What are your thoughts on the statement by Indian government official Chandrasekhar? Let us know in the comments section below.
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