Indian officials say there is currently nothing that makes crypto illegal in India.” . as long as legal procedures are followed.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), stresses that “cryptocurrencies have no underlying value.”
Indian officials on crypto
Indian government official Rajeev Chandrasekhar spoke about cryptocurrencies at an event in Bengaluru on Thursday.Chandrasekhar currently serves as both India’s Minister of State for Electronic Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of the Rajya Sabha, the upper house of Parliament.
He explained that India has no problem with cryptocurrencies if all laws are complied with, Reuters reported, quoting him as saying.
There is nothing today that makes crypto illegal as long as you follow the legal process.
The Indian government has yet to establish a regulatory framework for cryptocurrencies. Last December, 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 G20 countries.
However, crypto income is already taxed at 30% in India, with a 1% withholding tax (TDS) on crypto transactions. Earlier this month, the government announced the launch of a crypto awareness campaign.
Meanwhile, India’s central bank, the Reserve Bank of India (RBI), has recommended a complete ban on cryptocurrencies such as bitcoin and ether, with RBI Governor Shaktikanta Das saying last week that “cryptocurrencies have no fundamental value” and that “the RBI’s authority He warned that it would undermine it and lead to dollarization of the economy.” He even predicted that crypto, if not banned, would trigger the next financial crisis.
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