India is currently consulting the Reserve Bank of India about crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues.
Indian Central Bank and Government Discuss Crypto Policy Internally
Indian Finance Minister Nirmala Sitharaman disclosed Monday that the government was discussing crypto policies and the Reserve Bank of India.
At the conclusion of the RBI’s board meeting, the finance minister told reporters that the government and the central bank are in “complete harmony” regarding cryptocurrency and other issues. She described:
Anything the government does we discuss it with the RBI.
“So if I were to tax 30% and then discuss Goods and Services Tax (GST) and everything else, I would be tying RBI’s hands if I hadn’t even talked to them,” she continued.
Sitharaman presented the idea of taxing cryptocurrency income at 30 percent in her budget speech. In a subsequent clarification, she clarified that the sovereign has the right to tax cryptocurrency.
The finance minister detailed, “So, with the RBI and the [finance] ministry, not just on crypto but on every other thing as well, I think over the last few years you would have noticed that there is complete harmony with which we are working,” elaborating:
We respect each other’s domain and know what we have to do with each other’s priorities and in the interest of the nation. There’s no turfing here.
The central bank repeatedly expressed concerns over cryptocurrency. Last week, RBI Governor Shaktikanta Das said that cryptocurrency is a big threat to India’s macroeconomic and financial stability. A complete ban on cryptocurrency was recommended by the RBI Governor Shaktikanta Das in December 2013.
Das reminded crypto investors that their investments are at their risk. He stressed, “cryptocurrency has no underlying, not even a tulip.”
Monday was confirmed by the RBI governor to reporters that cryptocurrency issues were being addressed internally.
Any points that we may have we share with the government. I don’t want to go any further.
What do you think about the Indian government and the central bank being in “complete harmony” on crypto policies? Please comment below.
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