{"id":16698,"date":"2023-01-21T04:04:49","date_gmt":"2023-01-21T04:04:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nothing-outlaws-crypto-in-india-if-legal-procedures-are-followed-says-government-official-regulation-bitcoin-news\/"},"modified":"2023-01-21T04:04:49","modified_gmt":"2023-01-21T04:04:49","slug":"nothing-outlaws-crypto-in-india-if-legal-procedures-are-followed-says-government-official-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nothing-outlaws-crypto-in-india-if-legal-procedures-are-followed-says-government-official-regulation-bitcoin-news\/","title":{"rendered":"Nothing Outlaws Crypto in India if Legal Procedures Are Followed, Says Government Official \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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An Indian government official says that there is currently nothing that outlaws crypto in India \u201cas long as you follow the legal process.\u201d Meanwhile, the country\u2019s central bank, the Reserve Bank of India (RBI), has stressed that \u201ccryptocurrency does not have any underlying value.\u201d<\/strong><\/p>\n

Indian Government Official on Crypto<\/h2>\n

Indian government official Rajeev Chandrasekhar talked about cryptocurrency Thursday at an event in Bengaluru. Chandrasekhar currently serves as both India\u2019s 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.<\/p>\n

He explained that India has no issue with cryptocurrencies if all laws are followed, Reuters reported, quoting him as saying:<\/p>\n

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There is nothing today that outlaws crypto as long as you follow the legal process.<\/p>\n<\/blockquote>\n

The Indian government has not yet established<\/a> a regulatory framework for cryptocurrency. In December last year, the government told parliament that crypto legislation \u201ccan be effective only with significant international collaboration.\u201d Indian Finance Minister Nirmala Sitharaman recently said the government plans to discuss crypto regulations with the G20 countries<\/a>.<\/p>\n

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<\/a>.<\/p>\n

Meanwhile, India\u2019s central bank, the Reserve Bank of India (RBI), has recommended a complete ban<\/a> on cryptocurrencies such as bitcoin and ether. RBI Governor Shaktikanta Das said last week that \u201cCryptocurrency does not have any underlying value,\u201d warning that \u201cit will undermine<\/a> the authority of the RBI and lead to the dollarization of the economy.\u201d He even expects crypto to cause the next financial crisis<\/a> if it is not banned.<\/p>\n

What do you think about the statement by Indian government official Chandrasekhar? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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