The RBI has long warned about cryptocurrencies being a threat. The Indian central bank is currently developing its own CBDC. RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International
Gifts of crypto will be taxed in the same way as any other asset. Cryptocurrency transactions are taxed at 30 percent under the Finance Act, 2022. The Indian government’s Ministry of Finance will likely announce the crypto tax in June. Hospitals that employ Blockchain technology and also earned points on
Uncertain regulations have made it difficult for the Indian crypto business to function. Crypto is a worldwide concern that requires “collective and synchronised action.” Finalizing a consultation document on cryptocurrencies, the Indian Department of Economic Affairs will next give it over to the federal government. Global regulatory agreement on digital
Many Central Bank Digital Currency (CBDC) initiatives will be under supervision. Ripple has attempted to enter the Indian market before. Blockchain Company Ripple is planning to create an office in the Indian city of Bengaluru. Ripple advertised a new position in Bengaluru: Senior Project Manager, Central Banks in the city.
Tokens like NFT are included in the VDA’s definition regardless of their names. The government of India now levies a VAT of 18% on crypto exchange transactions. Guidelines on the scope of virtual digital assets are anticipated to be released ahead of the June 15 first due deadline for advance
In February, Finance Minister Nirmala Sitharaman announced a digital currency launch. There is still no official regulation on crypto in India. For 2021-22, the Reserve Bank of India (RBI) produced an annual report. One of the numerous subjects covered in the paper is India’s central bank digital currency (CBDC). “The
Money laundering and terrorism triggered by the new financial technologies. Anonymity conferred by digital asset space eases terrorism funding. Ever-increasing innovations in the virtual space, especially in the digital finance arena, has raised the concerns of global policy makers. At the UN Security Council (UNSC) briefing on Monday, T.S. Tirumurti,
The RBI has not reportedly placed any shadowban on exchanges. The influence of cryptocurrencies on India’s macroeconomics has been frequently raised. As the cryptocurrency market continues to plummet, RBI governor Shaktikanta Das reaffirmed the central bank’s view that investors and the government should avoid investing in cryptocurrencies. During an interview
In February, ASCI issued new rules requiring crypto advertisements to include disclaimers. SEBI sent a formal statement to the Parliamentary Standing Committee of Finance. The Advertising Standards Council of India (ASCI) clarified its stance on a proposed ban on Indian celebrities supporting crypto items by saying it is not debating
The cryptocurrency market as a whole is experiencing a bad week. The outcome was yet another jab at the crypto sector from Nithin Kamath. Co-founder of Zerodha Nithin Kamath has warned Indian investors against the prospect of Coinbase Global, a US cryptocurrency exchange. Coinbase, the biggest cryptocurrency exchange in the
