Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official
An Indian government official says that there is currently nothing that outlaws crypto in India “as long as you follow the legal process.” Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), has stressed that “cryptocurrency does not have any underlying value.” Indian Government Official on Crypto
Indian government official Rajeev Chandrasekhar talked about cryptocurrency Thursday at an event in Bengaluru. Chandrasekhar currently serves as both India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship. He is also a member of Rajya Sabha, the upper house of parliament.
He explained that India has no issue with cryptocurrencies if all laws are followed, Reuters reported, quoting him as saying: There is nothing today that outlaws crypto as long as you follow the legal process.
The Indian government has not yet established a regulatory framework for cryptocurrency. In December last year, the government told parliament that crypto legislation “can be effective only with significant international collaboration.” 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% tax deducted at source (TDS) is levied on crypto transactions. Earlier this month, the government revealed that it is launching 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. RBI Governor Shaktikanta Das said last week that “Cryptocurrency does 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 crypto to cause the next financial crisis if it is not banned. Tags in this story India, india crypto, india cryptocurrency, indian government, Indian government cryptocurrency, Indian Parliament member, RBI, rbi crypto
What do you think about the statement by Indian government official Chandrasekhar? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. IMF Division Chief and Deputy Managing Director Call for Swift Regulatory Action to Avoid Crypto Contagion to Legacy Finance REGULATION | 9 hours ago Ripple CEO "Optimistic" About SEC Lawsuit Over XRP — Says "I Feel Very Good About Where We Are" REGULATION | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleJPMorgan CEO Jamie Dimon Calls Bitcoin ‘Hyped-up Fraud’ — Expects Satoshi Nakamoto to Increase BTC Supply Cap Next articleRansomware Revenue Drops as Victims Pay Less Often, Chainalysis Reports Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher