Reserve Bank of India (RBI) President Shaktikanta Das His latest statement on cryptocurrencies cryptocurrency units threatening described as.
Alerting investors, the President said that there is nothing beneath such assets, stating:
Private cryptocurrencies, or whatever you call them, are a threat to our macroeconomic stability and financial stability. These will undermine the RBI’s ability to deal with financial stability and macroeconomic stability issues.
Adding that it is his personal duty to warn investors, Das reminded investors that they should invest according to the risks they can handle.
As it is known, in the budget presentation for the year 2022-2023 in India, it was stated that all kinds of income from the sale of digital assets, including cryptocurrencies and NFT (non-fungible token), would be taxed at a rate of 30%. The announced tax rate was found to be too high by the investors in the country, and there were even those who started a campaign to reduce taxes on Change.org.
The country has not taken a step back regarding the taxation in question so far. On the other hand, the country’s own local CBDCFinance Minister Sitharaman stated that “The launch of CBDC will give a huge boost to the digital economy.” had used the phrase.
Analysts estimate that there are between 15 and 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.4 billion). From this point of view, it can be said that India’s approach to cryptocurrencies has a significant impact on the market.