It is worth noting that in this year’s Union Budget, the government has talked about levying tax on income earned through transfer of any virtual digital asset. It will be 30 per cent. Along with this, digital currency of Reserve Bank of India will be launched. Overall, the government has not banned cryptocurrency, but by bringing it under heavy tax, it has shown that it is not going to give much relief to crypto investors. The government has also clarified that the imposition of tax does not mean that private cryptocurrencies have been recognized in the country. This is the reason why the RBI governor is cautioning against the continuing risks of cryptocurrencies.
Cryptocurrencies a threat to macroeconomic and financial stability: RBI Governor Shaktikanta Das
— Press Trust of India (@PTI_News) February 10, 2022
He has made it clear from his statement that all the investors who are investing in private cryptocurrencies are at their risk. RBI or any bank cannot help them in this.
There are 15 to 20 million crypto investors in India. Their total crypto holdings are around Rs 40,000 crore. There is no official data available on the size of the Indian crypto market.
On the other hand, initiatives are also being taken to make the crypto market safe. A total of 17 crypto-related companies have come together to form a new group called the ‘Crypto Market Integrity Alliance (CMIC)’. This alliance will work towards making the overall crypto market a safe place to do business. New York City-based information technology company Solidus Labs has initiated the formation of this group. A total of 17 firms, including Coinbase, Huobi Tech, BitMEX, Bitstamp and Securrency, have joined CMIC to end market abuse and manipulation.
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