RBI deputy governor told cryptocurrencies worse than ponzi scheme, said- banning is probably the best option

RBI deputy governor told cryptocurrencies worse than ponzi scheme, said- banning is probably the best option

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New Delhi. Cryptocurrencies have no intrinsic value and can be worse than a Ponzi scheme. It is good that cryptocurrencies should be banned. This is to say of T Rabi Shankar, Deputy Governor of Reserve Bank of India (RBI). He advocated a ban on cryptocurrencies, saying that perhaps this would be the best option.

Shankar said that we have examined the arguments that advocate that cryptocurrencies should be regulated. We found in the investigation that none of them have passed the basic test. He said, we saw that crypto-technology is based on a philosophy to avoid government control. Cryptocurrencies have been developed specifically to bypass the regulated financial system.

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Cannot define it as currency

RBI Deputy Governor T Rabi Shankar said that we have also seen that cryptocurrency cannot be defined as currency, asset or commodity. They do not have any underlying cash flow. T Rabi Shankar said, these should be enough reasons to keep him away from the formal financial system. In addition, they undermine financial integrity, particularly the KYC regime and AML/CFT regulations, and at least potentially facilitate anti-social activities.

RBI said – it is a threat to the security of the country

Even before this, the Reserve Bank of India (RBI) has spoken against the recognition of cryptocurrencies. It has repeatedly said that recognizing it would threaten the security of the country. Apart from this, it is also not good for economic and financial stability.

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what did the finance minister say

On Friday, Finance Minister Nirmala Sitharaman made a big statement in the Rajya Sabha regarding cryptocurrencies, saying that imposition of tax does not mean that cryptocurrency has become legal. He has said that the government has only taxed the profits of cryptocurrencies. The government has taken no steps to legalize, ban or regulate it. He had said, “When we get full input about it, then it will be decided.”

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30% tax + 1% TDS was imposed in the budget

It is worth noting that in the Budget 2022-23, it was said to levy 30 percent tax (Tax on crypto) on the profits made from virtual assets. Apart from this, 1 percent TDS (TDS on Crypto) was also announced on its transactions. From this it was believed that the government had taken the first step towards legalizing cryptocurrencies. But, after Nirmala Sitharaman’s statement on Friday, it has become clear that it is difficult to guess what the government’s policy on crypto will be.

Tags: crypto, crypto currency, Cryptocurrency

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