According to recent reports, an Indian government official said nothing outlaws cryptocurrencies in India if legal procedures are followed. He added that the country’s central bank, the Reserve Bank of India(RBI), has stressed that crypto does not have any underlying value.
Indian Government Official on cryptocurrencies
Last Thursday, at an event in Bengaluru, Indian government official Rajeev Chandrasekhar shared his thoughts about crypto. Chandrasekhar has served the nation for quite a long time and has contributed greatly to its development. He is currently serving as India’s Minister of State of Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of the Rajya Sabha, the upper house of the Indian parliament.
While talking about crypto at the event, he explained that India has no problem with this technology if all laws are followed. Reuters reported him saying that there is nothing today which can outlaw crypto as long as you follow the legal process.
As you know, the Indian government has not established any regulatory framework for cryptocurrencies. Last year in December, the government told parliament that crypto legalization could be effective for them only with significant international collaborations. Luckily, Indian Finance Minister Nirmala Sitharaman recently said that the government plans to discuss crypto with the G20 countries. It would be very helpful for the crypto industry as it could boost crypto adoption worldwide.
However, crypto income is already taxed at 30 percent in India, and a 1 percent tax deducted at source is levied on crypto transactions. Earlier this month, the government announced that they plan to launch a crypto awareness campaign.
RBI suggested putting a complete ban on major cryptocurrencies
An Indian Government official said nothing outlaws cryptocurrencies in India if legal procedures are followed. However, the report says that India’s central Bank, the Reserve Bank Of India, also known as RBI, has recommended the government put a ban on cryptos such as BTC and ETH.
Shaktikanta Das, Governor of RBI, said last week that cryptocurrencies do not have any underlying value, warning that it will undermine the authority of the RBI and lead to the dollarization of the economy. He even expects cryptocurrencies to cause the next financial crisis if not banned.
What are your thoughts about the statement by the Indian government official Rajeev Chandrasekhar? Can cryptocurrencies become the reason behind the next financial crisis? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.
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