A harsh statement on crypto came from India, one of the countries that has a hard stance on cryptocurrencies. Indian Finance Minister Nirmala Sitharaman stated that the government wants to ban cryptocurrencies.
Tough Step from the Government of India to Cryptocurrencies
The Indian government has stated that the central bank is of the opinion that cryptocurrencies should be banned.
The Indian government has expressed the need for global cooperation for a ban on cryptocurrencies to take effect. Speaking on the subject, Indian Finance Minister Nirmala Sitharaman made the following statements:
Cryptocurrencies are by definition unlimited and require international cooperation to avoid regulatory arbitrage. Therefore, any regulation or prohibition legislation can be effective only after significant international cooperation on assessment of risks and benefits, common classification and evolution of standards.
Also, last June, India announced that a 1% tax cut for crypto assets will come into effect as of July 1.
Last June, Rabi Sankar, vice-president of the Reserve Bank of India (RBI), stated that CBDCs would bring the end of private cryptocurrencies.
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