May 22, 2022

Great Indian Mutiny

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Finance Secretary says Bitcoin, Ether and NFT ‘will never be legal’ in India

TV Somnathan, The Finance Secretary of the Government of India is said to be opposed to the idea that cryptocurrencies are widely accepted in the country.

According to a Wednesday tweet from Asian News International, Somnath he said Digital rupee supported by the Reserve Bank of India or the RBI will be accepted as a legal tender, but major cryptocurrencies are unlikely to do so. The Finance Secretary further said, Digital assets including Bitcoin (BTCy Ether (ETH), Which are not recognized by the government, are probably “assets determined between two persons”.

“Digital rupee issued by Reserve Bank will be legal”, Somnathan said. “The rest are not legal tender, they will not be, they will never be legal. […] You can buy gold, diamonds, cryptocurrencies, but they have no government-approved value. “

The Finance Secretary further said:

“Investors in private cryptocurrencies need to understand that they are not approved by the government. There is no guarantee that their investment will succeed, that one will incur a loss and that the government will not be liable.”

Somnath’s comments come on the heels of an announcement by Indian Finance Minister Nirmala Sitharaman on February 1. The country plans to introduce a digital currency issued by the central bank, CBDC, for 2023, This could give a “big boost” to the digital economy. It also suggested that digital property transactions be taxed at 30%.

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Indian lawmakers have previously introduced a bill banning the use of “private cryptocurrencies” in the country. However, it was announced on Tuesday from the lower house of India that the law would not be considered during the budget session till May. On the contrary, the government Announced a training event To legislators about cryptocurrencies and their implications for the economy.

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