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India’s Finance Minister Says Crypto Will Never Be Legal Tender

Key Takeaways TV Somanathan, India’s finance minister, has said that crypto assets such as BTC, ETH and NFTs will never become legal tender. He also said that the Reserve Bank of India would never default and that the upcoming digital rupee would get its backing. The Indian parliament has struggled in the past with whether or not to ban cryptocurrencies. Share this article Indian Finance Minister TV Somanathan has said that cryptocurrencies will never become legal tender in India. Among other things, he emphasized that crypto assets do not have the support of the government. Indian finance minister speaks honestly Ethereum, as well as crypto assets like NFTS, “will never become legal tender.” On India’s recently announced plans to adopt a central bank digital currency, Somanathan emphasized the robust nature of the Reserve Bank of India, which will support and issue the digital rupee, saying it would “never” default. stay. He stated his opinion that the value of crypto-assets “would be determined between two people”, and also that, like crypto-assets, neither diamonds nor gold would have “the value permission” of the government. The finance minister of the country of more than 1.3 billion people warned: “People who invest in private cryptocurrencies should understand that it does not have the permission of the government. There is no guarantee whether your investment will be successful or not, one could incur losses and the government is not responsible for this.” Talks have already taken place in India about whether or not to adopt Bitcoin as legal tender. Last November, the country’s finance minister, Nirmala Sitharaman, said the Indian government had no intention of granting Bitcoin the status of legal currency during a parliamentary session. Regulators in India have struggled for years with the potential ban on cryptocurrencies. In 2019, a draft bill was introduced to ban the use of cryptocurrency, punishable by up to ten years in prison. In January 2021, a similar bill was submitted for deliberation in parliament – so also last November. No such ban has been put in place, although regulations have been proposed. Just yesterday, a 30% tax on crypto assets was proposed and plans were made for the issuance of a central bank digital currency. Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources believed to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information contained on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. India May Not Ban Crypto, Says Ex-Finance Minister India May Not Ban Cryptocurrency, According to Comments by a Government Official Contrary to Previous Reports. Comments by the former finance minister on the bill In November, it was widely reported that India… Estonia will not ban anonymous crypto holdings The Estonian government has clarified that pending regulations do not include a complete ban on anonymous crypto holdings. Draft Bill May Affect Businesses On December 23, Estonia approved draft… Is the time on our side? The Arguments for Bitcoin’s Extension Cycles One of BTC’s many unique features is its halving process, which is often accompanied by a bullish move and preceded by bearish consolidation. Bitcoin’s halving events are… Bank of Mexico plans to introduce CBDC by 2024 The Bank of Mexico plans to introduce a central bank digital currency (CBDC) by 2024, according to government reports. Government of Mexico Reports CBDC The Government of Mexico has announced…
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