Fun

Indian Government Consulting With Central Bank RBI on Crypto — ‘There Is Complete Harmony’

News Feed - 2022-02-14 11:02:43

Indian Government Consulting With Central Bank RBI on Crypto — "There Is Complete Harmony"


The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally


Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is discussing crypto policies with the central bank, the Reserve Bank of India (RBI).


At the conclusion of the RBI’s board meeting, the finance minister told reporters that the government and the central bank are in “complete harmony” regarding cryptocurrency and other issues. She described: Whatever the government does, we consult and have discussions with the RBI.


“So if I were to tax 30% and then discuss Goods and Services Tax (GST) and everything else, I would be tying RBI’s hands if I hadn’t even talked to them,” she continued.


Sitharaman proposed taxing cryptocurrency income at 30% during her budget speech last week. She subsequently clarified that taxing cryptocurrency is a sovereign right.


The finance minister detailed, “So, with the RBI and the [finance] ministry, not just on crypto but on every other thing as well, I think over the last few years you would have noticed that there is complete harmony with which we are working,” elaborating: We respect each other’s domain and know what we have to do with each other’s priorities and in the interest of the nation. There’s no turfing here.


The central bank has repeatedly voiced concerns regarding cryptocurrency. Last week, RBI Governor Shaktikanta Das said that cryptocurrency is a big threat to India’s macroeconomic and financial stability. In December last year, the central bank recommended a complete ban on crypto, saying that a partial ban will not work.


Das also urged crypto investors to keep in mind that they are investing at their own risk. He stressed, “cryptocurrency has no underlying, not even a tulip.”


The RBI governor confirmed to reporters Monday that crypto issues are being discussed internally, stating: Whatever points we have, we discuss with the government. Beyond that I would not like to further elaborate. Tags in this story crypto legislation, crypto policies, India, indian crypto regulation, indian cryptocurrency regulation, indian finance minister, indian government, RBI, rbi governor, tax cryptocurrency


What do you think about the Indian government and the central bank being in “complete harmony” on crypto policies? 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. No Crypto Loans and Fewer Trading Options – Russian Finance Ministry Clarifies Regulatory Plan REGULATION | 10 hours ago IMF: Crypto Is No Match for Well-Designed Central Bank Digital Currencies REGULATION | 19 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRR2 Capital Expands Portfolio With Strategic Investment in DAG-Based DeFi Platform Aleph Zero Next articleBitcoin, Ethereum Technical Analysis: BTC, ETH Prices Volatile Following Super Bowl 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 ItStudents Mining Crypto in Dorms May Face Criminal Prosecution in Russia, Lawyer Says


University students in Russia minting digital currencies in their dormitories risk penalties and even criminal charges, according to a legal expert quoted by local media. The warning comes as Russian authorities are trying to curb crypto mining with cheap energy ... read more.PUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead US Inflation Jumps to 7.5%, CPI Climbs at Fastest Rate in 40 Years, Citizens See Little Wage Growth

News Feed

Bitcoin analysis eyes CPI as whales 'pressure' BTC price below $69K
William Suberg9 hours agoBitcoin analysis eyes CPI as whales "pressure" BTC price below $69KBitcoin faces some familiar whale games into the U.S. economic reports as BTC price fails to find support above $70,000.6229 Tot
Ethereum ‘Extremely Undervalued Against BTC’ – Supply Pressure May Delay Recovery
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Alexandre Vasarhelyi10 hours agoMilei vowed to close Argentina’s central bank — But will he do it?The challenge of replacing Argentina’s peso with the United States dollar (and potentially Bitcoin) will be great, b
Did XRP price just bottom against Bitcoin?
Zoltan Vardai5 hours agoDid XRP price just bottom against Bitcoin?XRP price has fallen over 14% year-to-date, pressured by Ripple’s ongoing legal battle with the SEC. So, a bounce is in order, analysis suggests.4631 To
New open-source ZK-proof slashes SQL query times
Josh O"Sullivan11 hours agoNew open-source ZK-proof slashes SQL query timesProof of SQL drastically reduces SQL query times from 30 minutes to sub-second speeds, promising significant efficiency gains for real-time data
Ripple Invests $750,000 to Bring XRP to Crypto Wallet BRD
Mobile wallet provider BRD is partnering with Ripple’s Xpring to boost XRP adoption. The companies announced Friday that Xpring would invest some $750,000 into BRD as part of
Russia’s Sberbank to Allow Users to Issue NFTs on Its Blockchain Platform
Russia’s Sberbank to Allow Users to Issue NFTs on Its Blockchain Platform Recognizing existing demand for non-fungible tokens, or NFTs, one of the largest banks in Russia, Sberba
Internet Service Company Cloudflare to Run Ethereum Validator Nodes as Part of Its Web3 Focus
Internet Service Company Cloudflare to Run Ethereum Validator Nodes as Part of Its Web3 Focus Cloudflare, an internet services and DDoS protection company, has announced a new stra
Biggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data
Biggest Movers: ADA Climbs to 11-Week High, as Crypto Markets React to US GDP Data Cardano raced to an 11-week high on Thursday, as markets reacted to data showing that gross domes
Grayscale Report Sees Metaverse as Potential $1 Trillion Business Opportunity
Grayscale Report Sees Metaverse as Potential $1 Trillion Business Opportunity Grayscale, a leading cryptocurrency asset manager, seems to have set its gaze on the metaverse as a bu
AVAX Price Inches Closer To $50 – Will Bulls Deliver A Breakout?
Este artículo también está disponible en español. Avalanche (AVAX) is making waves in the crypto market as its price approaches the significant $50 resistance level. The
Anthropic launches $15K jailbreak bounty program for its unreleased next-gen AI
Tristan Greene2 hours agoAnthropic launches $15K jailbreak bounty program for its unreleased next-gen AIThe program will be open to a limited number of participants initially but will expand at a later date.404 Total vie