Reserve Bank of India (RBI) The former vice president expressed his views on the country's financial and encryption ecosystem , And expressed the need to accept digital assets .
9 month 7 Japan ,Rama Subramaniam Gandhi In the Indian Internet and mobile Association (IAMAI) Blockchain and encrypted asset trading Committee (BACC) The first session of the organization HODL’21 When speaking at a virtual conference , Cryptocurrency can be used as a payment method for economic activities , But he sees it more as an asset class .
The regulatory situation in India remains uncertain , Politicians are still considering bills and legislation . Earlier this month , The government announced that it was drafting a bill , Define cryptocurrency as a commodity , It can be taxed . If the bill is passed , Cryptocurrency will not be used to pay , It's trading and investing as an asset .
2018 year , The Reserve Bank of India prohibits all commercial banks from allowing their customers to conduct cryptocurrency related transactions , But this ruling is in 2020 year 2 It was overturned by the Supreme Court in June .
Gandhi in 2014 - 2017 In, he worked in the Reserve Bank of India , He insisted that , Cryptocurrency needs to be treated as an asset or commodity , And can be taxed accordingly . Develop a regulatory framework , And treat it as a commodity , Will allow Indians to invest and hold digital assets . He added that , If these assets are mined rather than purchased , It should be subject to capital gains tax .
“ Cryptocurrency should be paid through normal payment channels . If not , It should be regarded as mined , Must be subject to capital gains tax . Like voluntary disclosure .”
The former deputy governor of the central bank believes that , If there is no regulation or government regulation , Cryptocurrency will be used for criminal purposes . He said , Transactions can be tracked through a central repository , To promote trade and prevent illegal use of .
Gandhi Express , The government should be open to economic transactions involving cryptocurrencies , But he warned about the anonymity of some blockchains , And added that , Society must abide by any compliance rules established by the State .
“ A country always wants to give its citizens freedom in economic transactions . It performs its contractual obligations , And tax income and gains . therefore , Any economic activity should adapt to such things .”
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