Bitcoin and Ethereum Will Never Become Legal Tender in India, Says Finance Secretary

  • 📰 Utoday_en
  • ⏱ Reading Time:
  • 54 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Big Breaking news!!! The Boxabl home makers have started taking investments in crypto and soon they are going to accept crypto as a payment for houses 🏘️ Boxabl GalianoTiramani PaoloMBTiramani

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 295. in BUSİNESS

Business Business Latest News, Business Business 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 Let’s gooooooooooo!!! xrdoge xrdoge How about it's mine, and I am your King. India King You won't regret choosing xrdoge
Source: BTCTN - 🏆 531. / 51 Read more »