Nothing prohibits crypto in India if legal procedures are followed, says government official – Regulation

An Indian government official says there is currently nothing banning crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has emphasized that “cryptocurrency has no underlying value.”

Indian government official on crypto

Indian government official Rajeev Chandrasekhar spoke about cryptocurrency at an event in Bengaluru on Thursday. Chandrasekhar is currently India's Minister of State for Electronics and Information Technology as well as Minister of State for Skill Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of Parliament.

He stated that India has no problem with cryptocurrencies if all laws are followed, Reuters reported, quoting him as saying:

There is nothing that prohibits crypto today as long as you follow the legal process.

The Indian government has not yet become established a regulatory framework for cryptocurrencies. In December last year, the government told Parliament that crypto legislation “can only be effective with significant international cooperation.” Indian Finance Minister Nirmala Sitharaman recently said the government plans to discuss crypto regulations with the G20 countries.

However, crypto income is already taxed at 30% in India and a 1% withholding tax (TDS) is levied on crypto transactions. Earlier this month, the government announced that it would... Crypto awareness campaign.

Meanwhile, India's central bank, the Reserve Bank of India (RBI), has issued a recommendation complete ban on cryptocurrencies such as Bitcoin and Ether. RBI Governor Shaktikanta Das said last week that “cryptocurrency has no underlying value,” warning that “it will undermine the authority of the RBI and lead to dollarization of the economy.” He even expects crypto to cause this next financial crisis if it is not forbidden.

What do you think of Indian government official Chandrasekhar's statement? Let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the interface between economics and cryptography.

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