In the face of the explosion of virtual currency transactions, the Indian government announced a tax framework recognizing them as assets. The central bank, it is always reluctant.
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Indian Cryptomonnaire users do not know what foot dance too much. In India, this market for rapid growth remains unregulated and opinions differ as to the position to be adopted. On the one hand, the government seems to want to pave the way for regulation. On the other hand, the Indian Central Bank (Reserve Bank of India, RBI) is extremely reluctant. “She is unleashed against cryptomonnails,” regret Ankit Majumdar, a 32-year-old investor who hopes, as many others, that the government will end up “regulating in favor of cryptos”.
The last Salve of the RBI against virtual currencies goes back to mid-February. It was launched by its deputy governor, T. Rabi Shankar, at a bank conference. The latter did not hesitate to compare cryptomonnaires to a “Ponzi system”, a pyramidal financial scam. Advocating for their prohibition, he stated that they threatened the “financial sovereignty” and that they “METT [have] the financial integrity” of countries, as they are not associated with cash flows .
A few days earlier, the governor of the RBI himself, Shaktikanta Das, warned investors. “Private cryptomonnails are a great threat to macroeconomic and financial stability. Investors must keep this in mind, they invest at their risk and peril,” he said, stressing that they did not have any underlying value, “not even a tulip”. A reference to the “bubble” of the tulip, in the XVII e century in the Netherlands, when the speculation of the merchants had provoked one of the first stock markets.
” A tax is better than a prohibition “
These RBI leaders’ statements intervene while the Indian government has just established a tax framework, recognizing cryptos as assets. In the presentation of the budget before the Parliament, the February 1, the Finance Minister, Nirmala Sitharaman, announced that the government would now impose income from cryptomonni and other numerical assets. %.
Possible losses, they can not be offset by other income. “The magnitude and frequency of these transactions have made it imperative the creation of a specific tax system,” she justified in his speech before the Indian members. Transactions of virtual digital assets experienced phenomenal growth in India, particularly among youth.
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