Cryptocurrency
There have been discussions about cryptocurrency in India for a long time, but now it seems that real action is going to start. In this world of digital coins, while countries like America have come out openly in the field, India was still standing on the shore. But now the Reserve Bank of India (RBI) has given clear indications that the game of crypto in the country is not going to run without rules. RBI is preparing to bring a solid and strict policy soon.
Actually, the Reserve Bank of India (RBI) is keeping a close watch on the changes happening around the world on cryptocurrency these days. RBI Governor Sanjay Malhotra recently told the Parliament’s Standing Committee on Finance Affairs that India is also preparing to bring a policy paper on Crypto. This paper can be released soon after getting approval from the high level of the government.
Crypto speeds up in America in America
Discussion about cryptocurrency around the world has intensified again, especially after a change in Donald Trump’s stance in America. Trump, who was the first against Crypto, has now come in support of it. Under his leadership, America is not only creating a bitcoin reserve, but is also preparing to make positive laws regarding crypto.
Not required crypto in India?
Sanjay Malhotra says that there is already a strong system like UPI for digital transactions in India, which is working well. Therefore, cryptocurrency does not feel the need in the country at the moment. However, RBI is working on this so that there is a clear policy in the future.
Why is RBI worried about Crypto?
RBI has also expressed its concern about crypto before. The bank says that crypto can be used in wrongdoing money laundering and funding terrorism. Apart from this, it can also harm the economic stability of the country.
RBI itself is making digital currency
RBI is currently working on its own digital currency (CBDC), which will be a safe and more reliable option of Crypto. At the same time, the Government of India has imposed 30% tax on Crypto, but has not yet given it legal recognition. Registration in the Financial Intelligence Unit (FIU), working in the country, has also been made mandatory.
Discussion on India’s economy
RBI also told the committee that India will remain the fastest growing economy in the world in the coming times. However, global stress and market uncertainty poses a danger of inflation. The international agency S&P has also increased India’s economic growth rate from 6.3% to 6.5%.