Former RBI official pushes for India to accept crypto

Former Deputy governor of Reserve Bank India said that Bitcoin and other digital assets should be allowed to invest & accept for the Indian citizens.

When it comes to crypto, then Indian citizens don’t lag behind to adopt. But the Indian Government is not sure about their decision or alternatively we can say, the decision of the Indian government is under an uncertain situation. But still from time to time negative and positive players talked about it. 

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On Tuesday, A virtual meeting organised by the inaugural Hodl 2021 virtual conference organized by the Blockchain and Crypto Assets Council of the Internet and Mobile Association of India.

In the meeting, Rama Subramaniam Gandhi shared his stance on crypto in India. Rama is a former deputy governor of the Reserve Bank of India (RBI) and worked at the position of deputy governor in RBI from 2014 to 2017.

Rama said that Cryptocurrencies can be used in the payment purpose for the economical Industry. But he didn’t see crypto as a currency. According to him crypto are only assets and only can be used for payment. 

Gandhi And he emphasized on the crypto to be legalised under the regulatory framework. And also crypto assets should be categorised in the asset or commodity. And also said that there should be high tax on the mined crypto assets. 

“Cryptocurrencies should be paid for through normal payment channels. If they are not, it should be deemed mined, and capital gains tax must be levied. That is like voluntary disclosure.”

Further, Gandhi added that if crypto will not be legalised by the government then surely it will be used for illegal activities. So it is mandatory to legalise crypto. 

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