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Cryptocurrencies: Union Minister of State Rajiv Chandrasekhar said on Thursday that if the rules are followed by cryptocurrencies in India, then no one will have any problem with crypto. This statement of the Union Minister of State has come at a time when the Reserve Bank of India (RBI) has advised investors to stay away from it. The RBI governor even said that crypto currency is nothing but a gamble.
Speaking at an event in Bengaluru, the IT minister said that as long as cryptocurrencies follow the legal process, there will be nothing like a ban on cryptocurrencies. On the other hand, RBI Governor Shaktikanta Das has said many times about banning cryptocurrency. He also said that it does not have an underlying value in the market.
cryptocurrencies like gambling
Shaktikanta Das said at a Business Today event that like every asset, every financial product comes with some underlying value. At the same time, cryptocurrency currency is based only on the factor of trust without any underlying value. The RBI governor further said that crypto is a form of gambling without any and it rests 100 percent on expectations.
Financial crisis on whether the crypto sector is legal
The country is trying to come up with regulation for the crypto sector. RBI has said that if legal, there could be a massive financial crisis. Industry experts believe that the government will introduce additional measures in the upcoming budget after the central bank’s constant warnings on the risks associated with crypto.
Government’s tax rules regarding crypto
In the last budget, the government set up a taxation structure for cryptocurrencies, while the Prime Minister Narendra Modi Said at the World Economic Forum program in 2022 that a collective global effort is needed to deal with the problems posed by digital currencies. At the same time, T Rabi Shankar, a deputy governor of RBI, had said that cryptocurrencies were similar to or worse than Ponzi schemes and banning them was the most sensible option for the country.
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