Regulating cryptocurrencies: Treating them as speculative assets
3 years, 4 months ago

Regulating cryptocurrencies: Treating them as speculative assets

The Hindu  

The story so far: The Union Government is said to be considering a proposal to tax cryptocurrency transactions in the country. THE GIST With cryptocurrencies such as Bitcoin gaining popularity among citizens, the Centre has been compelled to take a stance on the legal status of these private currencies. The Centre might not be so keen on banning private cryptocurrencies outright, but may instead want to capitalise on the recent surge in the usage of cryptocurrencies to tax them and shore up its revenues. With cryptocurrencies such as Bitcoin gaining popularity among citizens, the Government has been compelled to take a stance on the legal status of these private currencies. The move is seen as a sign that the Union Government might not be so keen on banning private cryptocurrencies outright, but may instead want to capitalise on the recent surge in the usage of cryptocurrencies to tax them and shore up its revenues.

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History of this topic

Pakistan Moves To Legalise Cryptocurrency To Attract Foreign Investment. Will India Follow Suit?
2 weeks ago

Pakistan Moves To Legalise Cryptocurrency To Attract Foreign Investment. Will India Follow Suit?

ABP News  

Pakistan is making strides toward embracing digital assets by setting the stage for cryptocurrency legalisation. With more nations establishing cryptocurrency regulations, Pakistan’s initiative could position it as a key player in the digital finance sector. Pakistan Crypto Council to Oversee Digital Asset Integration To facilitate the transition, the Pakistan government has reportedly launched the Pakistan Crypto Council, a newly formed …

Realign policies of RBI to changing economic realities
3 weeks, 4 days ago

Realign policies of RBI to changing economic realities

New Indian Express  

Under the new leadership, the Reserve Bank of India is ‘undoing’ some of the measures taken during the previous regime to allow the banking system to breathe easy. By the time Sanjay Malhotra took the reins of the central bank from Shaktikanta Das in December last year, India’s growth had slowed down to 5.6 percent, and the equity market was …

India's Crypto Policy Delayed Further? Report Suggests Re-Evaluation Of Stances By Multiple Jurisdictions
2 months ago

India's Crypto Policy Delayed Further? Report Suggests Re-Evaluation Of Stances By Multiple Jurisdictions

ABP News  

India is re-evaluating its position on cryptocurrencies following recent international developments, including regulatory changes in major economies, according to a senior Government official, reported Reuters. The decision comes as multiple jurisdictions have softened their stance on digital assets, prompting India to revisit its delayed discussion paper on crypto policy, which was initially expected to be released in September 2024. Crypto …

India reviewing crypto position due to global changes, senior official says
2 months ago

India reviewing crypto position due to global changes, senior official says

The Hindu  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards the virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Mr. Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a …

Government is reportedly thinking about changing its stance on cryptocurrency
2 months ago

Government is reportedly thinking about changing its stance on cryptocurrency

India Today  

India has a rigid cryptocurrency environment, and its stance on the digital currency has been anything but consistent. In December 2023, the Financial Intelligence Unit in India issued show-cause notices to 9 offshore crypto exchanges, including Binance and Kucoin, for non-compliance with local regulations. In 2023, former RBI Governor Shaktikanta Das also represented a critical stand against cryptocurrency in India. …

India reviewing crypto stance amid global policy shift: Report
2 months ago

India reviewing crypto stance amid global policy shift: Report

India Today  

India is reviewing its stance on cryptocurrencies due to shifting attitudes towards virtual asset in other countries, a senior government official told Reuters on Sunday. He did not specifically mention the United States, where Trump last week ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency …

Rupee-backed stablecoins could complement RBI’s digital currency
3 months, 1 week ago

Rupee-backed stablecoins could complement RBI’s digital currency

Live Mint  

The past decade has witnessed the astronomical rise of crypto assets around the world. Rupee-backed stablecoins would complement the Reserve Bank of India’s Central Bank Digital Currency, namely the e-rupee that is being tested out. However, the combination of rupee-backed stablecoins and the e-rupee could aid in the creation of an egalitarian and free digital finance ecosystem in India. As …

India on the sidelines as the future of finance dawns
4 months, 1 week ago

India on the sidelines as the future of finance dawns

Hindustan Times  

In the Trumpian world, bitcoin is soaring. Blockchain is the foundation of cryptocurrencies like Bitcoin but its potential stretches far beyond speculative trading enabling tamper-proof voting systems, transparent supply chains, and decentralized finance. Meanwhile, India’s regulations are so draconian that exchanges like Coinbase won’t even let Indian users buy crypto. Enter Central Bank Digital Currencies, the government’s answer to cryptocurrencies. …

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained
4 months, 2 weeks ago

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained

India TV News  

Amit intense poll battle in Maharashtra, just a day before crucial voting in the state assembly elections, the Bharatiya Janata Party alleged National Congress Party leader Supriya Sule and state Congress chief Nana Patole's involvement in a cryptocurrency fraud. The Reserve Bank of India too has been skeptical about the use of private crypto assets and considers it as a …

Will Bitcoin's revival boost India's appetite for cryptos despite high taxes?
4 months, 2 weeks ago

Will Bitcoin's revival boost India's appetite for cryptos despite high taxes?

India Today  

Bitcoin has taken the financial world by storm once again, this time surging to a record-breaking $90,000 following Donald Trump's unexpected victory in the US presidential election. TRUMP'S IMPACT ON THE CRYPTO SURGE The crypto market has been riding a wave of optimism following Donald Trump's election as US president, with hopes that his administration will adopt a crypto-friendly stance. …

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies
5 months, 1 week ago

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies

New Indian Express  

RBI Governor Shantikanta Das expresses concerns about cryptocurrencies, stating that they pose significant risks to financial stability. He argues that cryptocurrencies have the characteristics of money and could undermine the central bank's control over the monetary system. Das emphasizes the need for careful consideration and a cautious approach towards cryptocurrencies, considering the potential for instability and financial sector instability.

Retail investors should be cautious about Cryptos says RBI
10 months, 1 week ago

Retail investors should be cautious about Cryptos says RBI

Deccan Chronicle  

Mumbai: The crypto ecosystem lacks accountability and stability and is marked by regulatory ambiguity as a result of which retail investors need to be more cautious, the Reserve Bank of India economists said in an article titled Decentralised Finance: Implications for Financial System in the central bank’s May Bulletin. However, developments such as the FTX crypto exchange collapse, decline in …

Crypto currencies have no underlying value, says RBI official
1 year, 1 month ago

Crypto currencies have no underlying value, says RBI official

The Hindu  

Crypto currencies cannot be referred to as "currencies" as they have no underlying value, a central bank official said. "Crypto currencies cannot be called currencies as they don't have any underlying value," P Vasudevan, an executive director at the RBI, said during a panel discussion organised by IIM-Kozhikode here. Ultimately it is a call that the government has to take …

Emerging markets cannot afford 'crypto mania', says RBI governer as ETFs begin trading in US
1 year, 2 months ago

Emerging markets cannot afford 'crypto mania', says RBI governer as ETFs begin trading in US

India TV News  

A day after the US Securities and Exchange Commission permitted bitcoin exchange-traded funds to be listed on exchanges, RBI Governor Shaktikanta Das said that his view remains unchanged that cryptocurrencies pose a significant threat to the financial stability of emerging markets. The SEC's approval includes 11 ETFs, opening the door to more widespread investments in the world's largest cryptocurrency without …

Crypto issue requires immediate attention, says FM Sitharaman
1 year, 11 months ago

Crypto issue requires immediate attention, says FM Sitharaman

The Hindu  

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Ms. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at …

Understanding the current state of crypto assets in India
2 years ago

Understanding the current state of crypto assets in India

Live Mint  

It is a sweeping wave for some and a conundrum for others but crypto is the new buzzword in the world of investment finance. On the whole, the government seems to be accepting crypto and the underlying blockchain technology rather than casting them away as ‘risky’ or even ‘banning’ them. Banking is still not a breeze given RBI’s concerns The …

Moving towards regulation on Cryptocurrency under India\'s G20 presidency: Nirmala
2 years, 1 month ago

Moving towards regulation on Cryptocurrency under India\'s G20 presidency: Nirmala

Deccan Chronicle  

Bengaluru: Union Finance Minister Nirmala Sitharaman on Saturday said that the government is progressing towards regulation on Crypto Currency under India's G20 presidency. "Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors," she said. Speaking on the issue, …

International Monetary Fund flags debt restructuring hurdles, says banning crypto should be an option
2 years, 1 month ago

International Monetary Fund flags debt restructuring hurdles, says banning crypto should be an option

Firstpost  

Bengaluru: Group of 20 nations have some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday, adding that banning private cryptocurrencies should be an option. “On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,” IMF Managing …

IMF flags debt disagreements, says banning crypto should not be off table
2 years, 1 month ago

IMF flags debt disagreements, says banning crypto should not be off table

Deccan Chronicle  

BENGALURU: There are some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option. India's G20 presidency comes at a time when its South Asian neighbours Sri Lanka, Bangladesh and Pakistan are seeking urgent IMF funds due …

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments
2 years, 2 months ago

Budget 2023: FM Nirmala Sitharaman must classify cryptocurrencies as asset class rather than speculative instruments

Firstpost  

Cryptocurrencies have been gaining momentum worldwide for the past two years, making big headlines. Tax on VDAs The Union Budget of India in 2022 has introduced a system of taxation on virtual digital assets with a 30 percent tax on gains and 1 percent on Tax Deducted at Source. Need for a progressive approach to taxation The crypto industry is …

Cryptos Are Nothing but Gambling, Their Value Only Make-Believe: RBI Governor
2 years, 2 months ago

Cryptos Are Nothing but Gambling, Their Value Only Make-Believe: RBI Governor

News 18  

Reserve Bank governor Shaktikanta Das on Friday reiterated his call for an outright ban on cryptocurrencies, saying these are “nothing but gambling” and their perceived “value is nothing but make-believe.” To further its opposition to such currencies and also to take a lead over other central banks, the RBI recently launched its own digital currency, in the form of e–rupee …

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know
2 years, 2 months ago

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know

ABP News  

The 2023 Union Budget is nearly here and the biggest question that’s haunting the mind of crypto enthusiasts is simple — how will the Finance Ministry treat the virtual digital assets sector this time around? While 2022 saw several important milestones for the crypto sector, from the taxation of gains to the introduction of a central bank digital currency, the …

Private cryptocurrencies can cause next financial crisis if allowed to grow, warns RBI Governor
2 years, 3 months ago

Private cryptocurrencies can cause next financial crisis if allowed to grow, warns RBI Governor

The Hindu  

Pressing for the prohibition of instruments like Bitcoin, Reserve Bank Governor Shaktikanta Das on Wednesday warned that the next financial crisis can be triggered by private cryptocurrencies, if such speculative instruments are allowed to grow. "It's a 100% speculative activity, and I would still hold the view that it should be prohibited if you try to regulate it and allow …

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das
2 years, 3 months ago

Next Financial Crisis Will Come From Private Cryptocurrencies, Says RBI Governor Shaktikanta Das

News 18  

RBI Governor Shaktikanta Das on Wednesday said the biggest concern with the private cryptocurrencies like Bitcoin and Ethereum is that they do not have any underlying value, and if they are allowed to grow, the next financial crisis will come from them. If you allow it to grow, the next financial crisis will come from private cryptocurrencies.” Das has in …

Cryptocurrency News Live: RBI To Launch Digital Rupee Today
2 years, 5 months ago

Cryptocurrency News Live: RBI To Launch Digital Rupee Today

ABP News  

Cryptocurrency still remains a mystical subject for many keen investors in India. While cryptos are slowly gaining recognition from investors and regulators alike, with countries and leading brands adopting it as an official tender, there are still a sizeable number of people who wish to invest in crypto, but aren't able to closely track breaking and developing news in the …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 5 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

Crypto Exchanges Now Required To Notify UK Authorities Of Suspected Sanction Breaches
2 years, 6 months ago

Crypto Exchanges Now Required To Notify UK Authorities Of Suspected Sanction Breaches

ABP News  

San Francisco: Crypto exchanges are now required to notify the UK authorities of any suspected sanctions violations under new regulations introduced in response to concerns that bitcoin and other crypto assets are being used to dodge restrictions imposed in reaction to Russia's invasion of Ukraine. ALSO ON ABP LIVE: India Emerging As 'Major NFT Destination': Study Crypto assets could include …

Understanding cryptocurrencies
2 years, 8 months ago

Understanding cryptocurrencies

Hindustan Times  

There is a need for a broader international collaboration before cryptocurrency regulations can be drawn up in India, finance minister Nirmala Sitharaman told Parliament this week. In May, an entire currency — known as the Terra/Luna stablecoin pair — and a crypto-based lending platform known as Celsius crashed, wiping out tens of millions of dollars of wealth. Searching with just …

RBI wants govt to prohibit cryptocurrencies: FM Sitharaman
2 years, 8 months ago

RBI wants govt to prohibit cryptocurrencies: FM Sitharaman

India TV News  

Highlights Nirmala Sitharaman said RBI has expressed concerns over cryptocurrencies "They should be prohibited as they can have destabilising effects on monetary and fiscal stability" The RBI mentioned that cryptocurrencies are not a currency Finance Minister Nirmala Sitharaman on Monday said the RBI has expressed concerns over cryptocurrencies saying that they should be prohibited as they can have destabilising effects …

Cryptos Are 'Clear Danger'; Value Is Based On Make-Believe, Says RBI Governor Das
2 years, 9 months ago

Cryptos Are 'Clear Danger'; Value Is Based On Make-Believe, Says RBI Governor Das

News 18  

Reserve Bank of India Governor Shaktikanta Das has said cryptocurrencies are a “clear danger” and anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name. As the financial system gets increasingly digitalised, cyber risks are growing and need special attention,” Das said in the RBI’s ‘Financial Stability Report, June 2022’. “Technological advances powered …

Cryptocurrencies 'clear danger', says RBI Governor Shaktikanta Das
2 years, 9 months ago

Cryptocurrencies 'clear danger', says RBI Governor Shaktikanta Das

Firstpost  

This comes in the backdrop of the government finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions Mumbai: Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as “clear danger” and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. In the foreword to …

Cryptocurrencies clear danger, says RBI Governor
2 years, 9 months ago

Cryptocurrencies clear danger, says RBI Governor

The Hindu  

The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. In the foreword to the 25th issue of the Financial Stability Report released on Thursday, Das also said that as the financial system gets increasingly digitalised, cyber risks are growing and need special attention. In the foreword of the …

Cryptocurrencies are clear danger, says RBI Governor
2 years, 9 months ago

Cryptocurrencies are clear danger, says RBI Governor

India TV News  

Cryptocurrencies are clear danger, says RBI Governor The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. RBI on cryptocurrency: Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as "clear danger" and said that anything that derives value based on make believe, without any underlying, is just speculation …

Bubble in the air: The Hindu Editorial on the need for regulating cryptocurrencies
2 years, 9 months ago

Bubble in the air: The Hindu Editorial on the need for regulating cryptocurrencies

The Hindu  

The crash in the price of cryptocurrencies is a timely reminder to retail investors to stay far away from this highly speculative asset class. Since the supply of a lot of cryptocurrencies is limited by design, investing in them seemed like a good way to protect one’s wealth from inflation fuelled by central banks. There is little reason to believe …

Cryptocurrencies Akin to 'a World of Carribean Pirates' in Absence of Regulation: CEA
2 years, 9 months ago

Cryptocurrencies Akin to 'a World of Carribean Pirates' in Absence of Regulation: CEA

News 18  

Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to ‘a world of Carribean pirates’ in the absence of a centralised regulatory authority and is yet to pass the test of a fiat currency. He said that the government is pursuing a ‘high-wire balancing act’ to ensure that the gains in growth, inflation, rupee stability of the …

Cryptocurrencies are like 'a world of Caribbean pirates' in absence of regulation: Chief Economic Adviser
2 years, 9 months ago

Cryptocurrencies are like 'a world of Caribbean pirates' in absence of regulation: Chief Economic Adviser

Firstpost  

The Reserve Bank, which is planning to launch its own central bank digital currency, has on many occasions expressed its reservation over private cryptocurrencies, citing concerns over macroeconomic stability New Delhi: Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to ‘a world of Caribbean pirates’ in the absence of a centralised regulatory authority and is yet …

Cryptocurrencies Yet To Pass Test Of Fiat Currency, Says CEA V Anantha Nageswaran
2 years, 9 months ago

Cryptocurrencies Yet To Pass Test Of Fiat Currency, Says CEA V Anantha Nageswaran

ABP News  

Sounding a note of caution, Chief Economic Adviser V Anantha Nageswaran said on Thursday that the cryptocurrencies have yet to pass the test to become fiat currency and at the same time it would be difficult to regulate them. He further said that unlike fiat money, cryptocurrencies cannot satisfy basic requirements such as having store value, widespread acceptability and unit …

Cryptocurrency Has No Underlying Value: RBI Governor Clears India's Stance on Cryptos
2 years, 10 months ago

Cryptocurrency Has No Underlying Value: RBI Governor Clears India's Stance on Cryptos

News 18  

India’s stance on cryptocurrencies has not always been much accommodative, and Reserve bank of India governor Shaktikanta Das on Monday, May 23, made it clear once again. Shaktikanta Das said people would have raised questions after the cryptocurrency market crash had the RBI been regulating the digital assets by now. Shaktiknta Das also said that he believes that that the …

Cryptocurrency to be banned in India? What we know so far
3 years, 1 month ago

Cryptocurrency to be banned in India? What we know so far

India Today  

The question over the legality of cryptocurrencies in India has garnered eyeballs, especially after the government's move to tax virtual digital assets. Apart from providing clarity on taxation on virtual digital assets, Union Finance Minister Nirmala Sitharaman and top officials of the government have given statements on the future of cryptocurrency in the country. The proposed bill TAXATION ON VIRTUAL …

Cryptocurrencies worse than Ponzi schemes, banning them advisable: RBI Deputy Governor
3 years, 1 month ago

Cryptocurrencies worse than Ponzi schemes, banning them advisable: RBI Deputy Governor

India Today  

Reserve Bank of India Deputy Governor T Rabi Sankar on Monday said that banning cryptocurrencies is the most advisable choice for India as they are akin to Ponzi schemes and "may even be worse". FM Nirmala Sitharaman replies Rabi Sankar said that cryptocurrencies can wreck the currency system, the monetary authority, the banking system, and in general, the government’s ability …

Cryptocurrencies Akin To Ponzi Schemes, Need To Be Banned: RBI Deputy Governor
3 years, 1 month ago

Cryptocurrencies Akin To Ponzi Schemes, Need To Be Banned: RBI Deputy Governor

ABP News  

Mumbai: Making a strong case for banning cryptocurrencies, Reserve Bank Deputy Governor T Rabi Sankar on Monday said they are even worse than Ponzi schemes and threaten the financial sovereignty of a country. Observing that crypto-technology is underpinned by a philosophy to evade government controls, he said they have been specifically developed to bypass the regulated financial system. "They threaten …

Cryptocurrency: RBI and govt on the same page, says FM Sitharaman
3 years, 1 month ago

Cryptocurrency: RBI and govt on the same page, says FM Sitharaman

Live Mint  

Cryptocurrency: Finance Minister Nirmala Sitharaman on Monday said there is complete harmony between the central government and the RBI and that they are on the same page on cryptocurrency. The finance minister said that the Centre and the RBI are working in complete harmony on nut just on cryptocurrency but on every other thing as well. “With RBI and Ministry, …

Banning cryptocurrency perhaps most advisable choice open to India: RBI Deputy Governor
3 years, 1 month ago

Banning cryptocurrency perhaps most advisable choice open to India: RBI Deputy Governor

India TV News  

Highlights Banning cryptocurrency is perhaps the most advisable choice open to India, says RBI Deputy Governor Crypto-technology is underpinned by a philosophy to evade government controls, he said Cryptocurrencies developed to bypass regulated financial system, RBI Deputy Guv said Banning cryptocurrency is perhaps the most advisable choice open to India, said RBI Deputy Governor T Rabi Sankar adding they have …

Cryptocurrencies to be banned in India? FM Nirmala Sitharaman replies
3 years, 1 month ago

Cryptocurrencies to be banned in India? FM Nirmala Sitharaman replies

India Today  

Finance Minister Nirmala Sitharaman on Friday said that a decision on "banning or not banning" cryptocurrencies will be taken after consultations. She also said that the government's move to levy a 30 per cent tax on gains from cryptocurrencies has nothing to do with the legality of private digital currencies in the market. "Banning or not banning cryptocurrencies will come …

Invest at your own risk, RBI Governor's message to cryptocurrency investors
3 years, 1 month ago

Invest at your own risk, RBI Governor's message to cryptocurrency investors

India Today  

Reserve Bank of India Governor Shaktikanta Das on Thursday sounded a note of caution over the cryptocurrency, saying it poses a threat to financial stability. CRYPTOCURRENCY PRIVATELY CREATED The RBI Governor said that Cryptocurrency is privately created. "Cryptocurrency is privately created and it is a threat to financial stability," said the RBI Governor. Using a historical context to make a …

Cryptocurrencies are threat to macroeconomic and financial stability, warns RBI governor
3 years, 1 month ago

Cryptocurrencies are threat to macroeconomic and financial stability, warns RBI governor

India TV News  

Highlights RBI Guv Shaktikanta Das said cryptocurrencies are threat to macroeconomic, financial stability. RBI Governor Shaktikanta Das on Thursday made it clear that private cryptocurrencies are a threat to macroeconomic and financial stability, and undermine its ability to deal with challenges on the two fronts. Private cryptocurrencies or whatever name you call it are a threat to our macroeconomic stability …

A lot of confusion lingers over RBI’s ‘digital rupee’
3 years, 1 month ago

A lot of confusion lingers over RBI’s ‘digital rupee’

Deccan Chronicle  

Of all the proposals that finance minister Nirmala Sitharaman presented in her speech as part of the Union Budget 2022-23, the announcement about the launch of digital rupee would have the potential to touch the lives of almost all Indians. The finance minister, in her speech, further clarified that the digital rupee or the Central Bank Digital Currency will be …

30% tax on cryptocurrency: India’s plunge in the realm of digital currency
3 years, 2 months ago

30% tax on cryptocurrency: India’s plunge in the realm of digital currency

Op India  

The exponential growth of the cryptocurrency in India was just a phenomenon until it was given a considerable attention by the government. Taking a conservative stand on the taxation of digital currency, Finance Minister Nirmala Sitharaman on Tuesday announced that government would earn 30% behind every penny of profit earned by way of transfer of virtual money. The launch of …

Regulating crypto assets in India
3 years, 2 months ago

Regulating crypto assets in India

Hindustan Times  

The Indian crypto asset industry has witnessed exponential growth over the last five years and today, the country reportedly has 15 million crypto asset holders that have put in Rs6.6 billion in these crypto asset holdings. This report seeks to bring clarity around crypto assets as a technology and make recommendations for the regulation of the Indian crypto asset market. …

Private Cryptocurrencies Pose Immediate Risks To Customers, Prone To Frauds: RBI FSR Report
3 years, 3 months ago

Private Cryptocurrencies Pose Immediate Risks To Customers, Prone To Frauds: RBI FSR Report

ABP News  

New Delhi: The Reserve Bank of India in its Financial Stability Report has said that private cryptocurrencies pose immediate risks to customer protection and anti-money laundering, and combatting the financing of terrorism as digital currencies are extremely volatile given their highly speculative nature. Longer-term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution.” …

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