Bitcoin & Ethereum Will Never Become Equal To Legal Currency – India.

2022-02-14 | Eddy Morgan

Bitcoin & Ethereum Will Never Become Equal To Legal Currency – India.

Somanathan, India’s Finance Secretary, has destroyed any tiny chances of Bitcoin as well as Ethereum transforming into legal money in the nation, stating that personal cryptos and non-fungible tokens would never obtain such position. As per news source ANI, he declared that only the digital rupee would be recognized as official money.

Somanathan compared cryptos to gold as well as diamonds, stating that the government cannot authorize the worth of such assets.

According to the finance secretary, the government is incapable of protecting bitcoin market players from possible financial damages.

Finance Minister Nirmala Sitharaman said on February 1 that the Reserve Bank of India will soon launch its own central bank digital currency, a revised digital edition of the rupee, by April 2023.

The government has also proposed a crypto taxation system, proposing a 30% fee on earnings from trading cryptos such as Bitcoin as well as Ethereum, and also non-fungible tokens.

Despite the fact that investors can presently inhale a huge sigh of relief after months of speculation about a prospective blanket ban, a few have incorrectly thought that the government clarifying crypto taxation corresponds to legalizing cryptocurrency. On Tuesday, Sitharaman went on the public to emphasize that the new tax framework does not imply that cryptos have been legitimized.

The long-awaited cryptocurrency law was not featured in the budget session of the parliament.

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