Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official – Regulation Bitcoin News

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An Indi­an gov­ern­ment offi­cial says that there is cur­rent­ly noth­ing that out­laws cryp­to in India “as long as you fol­low the legal process.” Mean­while, the country’s cen­tral bank, the Reserve Bank of India (RBI), has stressed that “cryp­tocur­ren­cy does not have any under­ly­ing value.”

Indian Government Official on Crypto

Indi­an gov­ern­ment offi­cial Rajeev Chan­drasekhar talked about cryp­tocur­ren­cy Thurs­day at an event in Ben­galu­ru. Chan­drasekhar cur­rent­ly serves as both India’s Min­is­ter of State for Elec­tron­ics and Infor­ma­tion Tech­nol­o­gy and Min­is­ter of State for Skill Devel­op­ment and Entre­pre­neur­ship. He is also a mem­ber of Rajya Sab­ha, the upper house of parliament.

He explained that India has no issue with cryp­tocur­ren­cies if all laws are fol­lowed, Reuters report­ed, quot­ing him as saying:

There is noth­ing today that out­laws cryp­to as long as you fol­low the legal process.

The Indi­an gov­ern­ment has not yet estab­lished a reg­u­la­to­ry frame­work for cryp­tocur­ren­cy. In Decem­ber last year, the gov­ern­ment told par­lia­ment that cryp­to leg­is­la­tion “can be effec­tive only with sig­nif­i­cant inter­na­tion­al col­lab­o­ra­tion.” Indi­an Finance Min­is­ter Nir­mala Sithara­man recent­ly said the gov­ern­ment plans to dis­cuss cryp­to reg­u­la­tions with the G20 coun­tries.

How­ev­er, cryp­to income is already taxed at 30% in India, and a 1% tax deduct­ed at source (TDS) is levied on cryp­to trans­ac­tions. Ear­li­er this month, the gov­ern­ment revealed that it is launch­ing a cryp­to aware­ness cam­paign.

Mean­while, India’s cen­tral bank, the Reserve Bank of India (RBI), has rec­om­mend­ed a com­plete ban on cryp­tocur­ren­cies such as bit­coin and ether. RBI Gov­er­nor Shak­tikan­ta Das said last week that “Cryp­tocur­ren­cy does not have any under­ly­ing val­ue,” warn­ing that “it will under­mine the author­i­ty of the RBI and lead to the dol­lar­iza­tion of the econ­o­my.” He even expects cryp­to to cause the next finan­cial cri­sis if it is not banned.

What do you think about the state­ment by Indi­an gov­ern­ment offi­cial Chan­drasekhar? Let us know in the com­ments sec­tion below.

Kevin Helms 

A stu­dent of Aus­tri­an Eco­nom­ics, Kevin found Bit­coin in 2011 and has been an evan­ge­list ever since. His inter­ests lie in Bit­coin secu­ri­ty, open-source sys­tems, net­work effects and the inter­sec­tion between eco­nom­ics and cryptography.




Image Cred­its: Shut­ter­stock, Pix­abay, Wiki Commons

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