Nothing prohibits crypto in India when legal procedures are followed, says a government official - Regulation
Nothing prohibits crypto in India when legal procedures are followed, says a government official - Regulation
An Indian government official says that there is currently nothing that forbids crypto in India, "as long as they follow the legal procedure". Meanwhile, the country's central bank, the Reserve Bank of India (RBI), emphasizes that "cryptocurrency has no underlying value".
Indian government official to crypto
The Indian government official Rajeev Chandrasekhar spoke on cryptocurrency at an event in Bengaluru on Thursday. Chandrasekhar is currently both India's Minister of State for Electronics and Information Technology as well as Minister of State for Competence Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of parliament.
He explained that India had no problem with cryptocurrencies if all laws were followed, Reuters reported and quoted him with the words:
there is nothing that prohibits crypto as long as they follow the legal procedure.
The Indian government has not yet been established Regulatory framework for cryptocurrencies. In December last year, the government informed Parliament that crypto legislation "can only be effective with considerable international cooperation". The Indian finance minister Nirmala Sitharaman recently said that the government was planning to discuss crypto regulations with the G20 states .
However, crypto income in India is already taxed at 30 %, and a withered tax of 1 % (TDS) is charged on crypto transactions. At the beginning of this month, the government announced that it was a Krypto-Sensitiskampagne .
Meanwhile, India's central bank, the Reserve Bank of India (RBI), has given a recommendation Complete " Prohibited on cryptocurrencies such as Bitcoin and ether. RBI-Gouvenur Shaktikanta said last week that "cryptocurrency has no underlying value", and warned against it, "that will be undermine the authority of the RBI and lead to the dollarization of the economy. " He even expects Krypto to cause Next finance crisis if it is not forbidden.
What do you think of the statement by the Indian government official Chandrasekhar? Let us know in the comment area below.
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