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RBI believes that cryptocurrencies are a threat to India's sovereign interest
Officials from the Reserve Bank of India or the RBI, including its governor Shaktikanta Das, talked about cryptocurrencies and their impact on India while briefing the Parliamentary Standing Committee on Finance chaired by former minister of state for finance Jayant Sinha, as per reports from local media.
Cryptocurrencies causing 'dollarization' of the economy: RBI
India has been relatively harsh when it comes to cryptocurrency taxation, and currently, policymakers consider crypto gains similar to gains made from race betting, gambling, and other such instruments. Moreover, as per the recent conversation between RBI and the Standing Committee, the officials expressed that cryptocurrencies will cause the "dollarization" of a part of the Indian economy, which goes against the sovereign interests of the nation."It will seriously undermine the RBI's capacity to determine monetary policy and regulate the monetary system of the country," said an RBI official, as per a member of the panel.The officials pointed out the potential threat that cryptocurrencies posses to the authority of the central bank by becoming a medium of exchange and replacing the rupee in financial transactions, both domestic and cross-border.
"Almost all cryptocurrencies are dollar-denominated and issued by foreign private entities, it may eventually lead to dollarization of a part of our economy, which will be against the country's sovereign interest," the RBI officials told the members.
28% Goods and Services Tax (GST)
It is also important to note that the authorities in India, including the RBI, do not see cryptocurrencies as a form of payment. As a result, the Goods and Service Tax (GST) Council plans to implement 28% GST on cryptocurrency investment. Currently, the crypto gains are taxed at a rate of 30%, followed by 1% TDS on every transaction. However, lawmakers have called for higher taxation due to the huge gains that BTC, ETH, and altcoins provide to the users.Continue reading by joining Cryptonary Pro
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