CandleFocus Indian Official Expresses Doubts About Crypto: 'I Am Very Skeptical'
2024-11-23
Author: Content Editor
India's financial services secretary, M. Nagaraju, has expressed strong skepticism about cryptocurrency, calling it a doubtful scheme. This aligns with the Reserve Bank of India's concerns over the legitimacy and financial risks posed by digital currencies. Despite this skepticism, India remains a global leader in cryptocurrency adoption and has implemented regulations, including a 30% tax on virtual asset gains and a 1% tax deducted at source on transfers. The country has also emphasized the need for international collaboration and led discussions on creating a synthesis paper to guide global regulatory efforts during its G20 presidency in 2023. Investment firm Bernstein has urged India to recognize bitcoin as a strategic reserve asset, highlighting its role as a "store of value" alongside the focus on central bank digital currencies.
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