India will never make Bitcoin and Ethereum legal tender, according to Finance Secretary T. V. Somanathan
India's Finance, Secretary T. V. Somanathan, has dashed whatever slim hopes existed of Bitcoin and Ethereum potentially becoming legal tender in the country, clarifying that private cryptocurrencies and non-fungible tokens will never enjoy such status.
Bitcoin, Ethereum or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government. The finance secretary claimed that the government is not capable of safeguarding cryptocurrency market participants from potential financial losses.
On Feb. 1, Finance Minister Nirmala Sitharaman announced that the Reserve Bank of India would also roll out its own central bank digital currency that would be a revamped digital version of the rupee before April 2023. The government has also introduced a tax regime for cryptocurrency, proposing to impose a 30% levy on gains from trading cryptocurrencies of the likes of Bitcoin and Ethereum and non-fungible tokens.Even though investors can now breathe a collective sigh of relief following months of reports about a potential blanket ban, some have falsely assumed that the government providing clarity on cryptocurrency taxation equals legalizing crypto.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India Proposes 30% Tax on Crypto Income — Finance Minister Cites 'Phenomenal Increase' in Crypto Transactions – Regulation Bitcoin News“There’s been a phenomenal increase in transaction in virtual digital assets,” said India’s finance minister while proposing 30% tax on crypto income. cryptocurrency bitcoin
Read more »
India Announces Upcoming Launch of Central Bank Digital Currency, Digital Rupee, to Be Issued by RBI – Regulation Bitcoin NewsIndia has announced the upcoming launch of the country's central bank digital currency, the digital rupee, to be issued by the Reserve Bank of India (RBI). CBDC crypto cryptocurrency
Read more »
India Announces Upcoming Launch of Central Bank Digital Currency, Digital Rupee, to Be Issued by RBI – Regulation Bitcoin News“Introduction of central bank digital currency will give a big boost to the digital economy,” said the Indian finance minister. crypto cryptocurrency CBDC
Read more »
India unveils new crypto tax alongside ‘digital rupee’ pilotWhile the Indian government’s announcement doesn’t mean crypto is legal, many in the industry view it as a step towards greater legitimacy for cryptocurrencies in the country
Read more »
Australia Sets The Example As India Seeks A Renewable FutureBattery storage is going gang busters in Australia and other markets with need for flexibility and rapid power deployment are taking note. IEEFA expects India’s battery storage market to boom. Continuing a decade-long deflation in costs, solar plus batteries is cost competitive
Read more »
India Arie says she's pulling her music from Spotify over Joe Rogan's comments on raceThe R&B singer said in an Instagram post that she took offense to Rogan's 'language around race,' referring to a recent interview on Rogan's podcast in which he said it was 'weird' to use the term 'Black.' The move comes as other artists follow Neil Young in taking down their music over vaccine misinformation.
Read more »