RBI Mulls Crypto Ban, Govt Seeks Global Support To Regulate It: FM Nirmala Sitharaman

RBI Mulls Crypto Ban, Govt Seeks Global Support To Regulate It: FM Nirmala Sitharaman

SUMMARY

“The RBI is of the view that cryptocurrencies should be prohibited,” the Finance Minister said

India has already adopted a strict taxation regime for all cryptocurrencies, with a 30% crypto tax, 1% TDS and possible inclusion in the GST ambit

India has more than 100 Mn crypto investors in India, according to an Inc42 report

The Union Finance Minister Nirmala Sitharaman has dropped a bombshell on India’s crypto industry, stating that the Reserve Bank of India (RBI) is of the opinion that crypto should be banned, bringing the talks of a crypto ban in India back to the forefront.

“In view of the concerns expressed by the RBI on the destabilising effect of cryptocurrencies on the monetary and fiscal stability of a country, the RBI has recommended framing of legislation on this sector. The RBI is of the view that cryptocurrencies should be prohibited,” the FM said during the proceedings of the Monsoon session of the Parliament.

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