Rajeev Chandrasekhar, an Indian government official, spoke about cryptocurrency at such an event in Bengaluru. He is India’s Minister of State for Electronics and Information Technology and Minister of State for Skill Development and Entrepreneurship and also belongs to the Rajya Sabha, the Parliament’s upper body.
He clarified that India has no problem with cryptocurrencies as long as all legal procedures are followed. There is currently no cryptocurrency regulatory framework in place in India. The government has often stated in front of the Parliament that it doesn’t gather information on cryptocurrency exchanges running in India.
— Keyur Rohit (@CryptoKingKeyur) January 20, 2023
India and Cryptocurrency
The administration informed Parliament back in December that substantial international coordination is required for effective crypto law. Nirmala Sitharaman, the Indian Finance Minister, recently stated that the government intends to address cryptocurrency legislation with the G20 nations.
However, India already taxes cryptocurrency revenue at a rate of 30%, and cryptocurrency transactions are subject to a 1% TDS. Earlier this month, the government said it is starting a campaign to raise awareness about cryptocurrencies.
The Reserve Bank of India (RBI), India’s central bank, has suggested outright banning cryptocurrencies like bitcoin and ether. Cryptocurrency “does not have any underlying value,” warned RBI Governor Shaktikanta Das, adding that it would undermine the credibility of the RBI and eventually result in the dollarization of our economy. If not forbidden, it could lead to the next financial crisis.