• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

India Will Never Accept Cryptocurrency As Legal Tender, Says Finance Secretary

Anifowoshe Ibrahim by Anifowoshe Ibrahim
4 months ago
in Crypto News, India Crypto News
0

India’s Finance Secretary T.V. Somanathan warned on Wednesday that private digital money will never be recognized as legal tender in the country. Only the Reserve Bank of India’s digital currency is recognized as a legal tender. The government will not be held liable for any losses incurred in private crypto investments. Cryptocurrency trade, on the other hand, is no longer unlawful because it is now subject to taxation.

Crypto Isn’t Legal Tender In India

Somanathan, according to a tweet from Asian News International on Wednesday, said that a digital rupee guaranteed by the Reserve Bank of India, or RBI, will be recognised as legal tender, but that major cryptocurrencies will not. Because digital assets like Bitcoin and Ethereum lack government approval, they will likely remain “assets whose value will be determined between two people,” according to the finance secretary.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Speaking to ANI, Finance Secretary said,
“Digital rupee will be backed by RBI which will never default. Money will be of RBI but the nature will be digital. The digital rupee issued by RBI will be the legal tender. We can purchase non-digital assets with the digital rupee like we purchase an ice cream or other things using our wallet or payments through UPI platform.”
Crypto assets, according to Somanathan, are assets whose value is determined between two people; you can buy gold, diamonds, and crypto assets, but their value will not be regulated by the government.
https://twitter.com/ANI/status/1488837091043979266

The Finance Secretary of the nation of over 1.3 billion people issued a warning:

“People investing in private crypto should understand that it does not have the authorization of government. There is no guarantee whether your investment will be successful or not, one may suffer losses and government is not responsible for this.”

Related Reading | Crypto Is Here To Stay, Says Paytm Founder Amid Regulatory Debate In India

India Grapples With Regulation

In India, there has already been discussion about whether or not to accept Bitcoin as legal tender. During a Parliamentary session last November, India’s Finance Minister, Nirmala Sitharaman, stated that the country’s government has no intentions to recognize Bitcoin as a legal tender.

India

BTC|USD trades at $36k. Source: TradingView

For years, Indian regulators have debated whether or not cryptocurrencies should be banned. In 2019, a bill was introduced that would make cryptocurrency use illegal and punishable by up to ten years in prison. A similar bill was introduced in Parliament in January 2021, as well as last November.

Although regulation has been advocated, no such ban has been enacted. A 30% tax on crypto assets was proposed just yesterday, and plans for the issue of a central bank digital currency were disclosed.

The 30% tax rate on digital asset transfers was also clarified by the Finance Secretary. Except for agriculture, he said, all other revenue is taxable under government policy.

“Currently we don’t have clarity on cryptocurrency, whether it is business income, capital gain or it is a speculative income. Some people declare their crypto assets, some do not. Now from April 1, 2022, a uniform rate of 30 per cent tax will apply on the transfer of digital assets”
Related Reading | India’s Prime Minister Holds Crypto Meeting, Urges Ban On Misleading Ads
Featured image from Unsplash.com, chart from TradingView.com
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Bitcoin

Bitcoin And Retirement: U.S. House Bill To Include Crypto On 401(K) Plans

3 hours ago
DAI

DAI Emerges Strong Despite Terra’s Downfall

5 hours ago
Crypto

Cryptocurrency Is ‘Worthless,’ European Central Bank President Says

7 hours ago
Crypto

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

11 hours ago
A16z

A16z Rolls Out $600 Million Gaming, Web3 And Metaverse Dedicated Fund

14 hours ago
UnicornDAO

UnicornDAO Rallies For Women And LGBTQ Artists; Raises $4.5 Million 

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.