Somanathan told ANI, “Behind digital rupee will be RBI’s power which will never default. RBI will have money but it will be of digital type. Digital rupee issued by RBI will have legal status. With digital rupee we Will be able to buy non-digital assets like we buy things with our wallet or payments through UPI platform. He explained that NFTs linked to Bitcoin, Ethereum or an actor’s picture will never get legal approval. At the time of publishing this report, the price of Bitcoin in the country was Rs 30.84 lakh and that of Ethereum was Rs 2.24 lakh.
He said that people investing in cryptocurrencies should understand that they are not approved by the government. There is no guarantee that this investment will be successful or not. There may be loss in this and the government is not responsible for it. However, at the same time, Somanathan clarified that things which are not legal does not mean that they are illegal. “Bitcoin or Ethereum are not illegal. I can say that even if there is regulation for cryptocurrency, it will not get legal status,” Somanathan said.
Somanathan said that there may be rules like KYC, seller’s license in the regulation. The government will decide on this later. It will also be seen what is happening in other countries. Regarding the digital rupee, he said that it will not be like Bitcoin or Ethereum. He said that transactions can be done through digital rupees like digital wallets like Paytm, UPI. Digital Rupee will get legal status and will be at par with cash payment.
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