India Cryptocurrency Industry: Finance Ministry and RBI Discuss Crypto, Assert Unified Outlook
Login

India Cryptocurrency Industry: Finance Ministry and RBI Discuss Crypto, Assert Unified Outlook

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:


The Finance Minister of India, Nirmala Sitharaman, has revealed that the government has entered talks with the Reserve Bank of India (RBI) on possible cryptocurrency policies.

At the end of the RBI board meeting yesterday, Sitharaman told the press that the Indian government and the central bank of the Asian giant are on the same page concerning cryptocurrency and other related issues, explaining:

“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 [the] RBI’s hands if I hadn’t even talked to them.”

The finance minister called for the taxing of cryptocurrency income at 30% at her Berger speech last week. However, the minister has since clarified that crypto taxation is a “sovereign right.”

Sitharaman also 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,” further expounding

“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.”

Reserve Bank of India Governor Remains Skeptical Over Crypto

Notably, the RBI has continued to voice concerns over the cryptocurrency industry in India. Last week, RBI Governor Shaktikanta Das argued that crypto poses a significant threat to India’s macroeconomic and financial stability. Last December, the Indian central bank proposed an outright ban of all crypto activities within India’s borders, arguing that a partial ban would not yield much.

RBI Governor Das also cautioned crypto investors, telling them that they were investing at their own risk. The governor stressed that “cryptocurrency has no underlying, not even a tulip.”

That said, Das confirmed to reported on Monday that crypto matters were being discussed internally, explaining:

“Whatever points we have, we discuss with the government. Beyond that, I would not like to further elaborate.”

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News