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A former RBI official spoke at the virtual conference Hodl 2021. Rama Subramaniam Gandhi spoke out that cryptocurrency should be used for payments in economic activities. Digital currency needs to be treated like an asset and taxed. And also to develop a legal framework that will regulate.
The Indian government said they are still in the process of drafting a bill that will define cryptocurrencies as commodities and tax them.
In 2018, the Central Bank of India banned all commercial banks from giving access to customers to make transactions that are related to cryptocurrency. But already in 2020, the country’s Supreme Court noted this decision.
The former deputy governor of the Reserve Bank of India also believes that if a cryptocurrency is mined, not bought, then it must be taxed.
According to Cointelegraph, the man commented that cryptocurrencies should be paid through regular payment channels. Otherwise, it must be considered mined and capital gains tax must be levied. This is similar to voluntary disclosure.
Rama Subramaniam Gandhi said the Indian government needs to be open-minded about cryptocurrency and transactions. At the same time, he believes that citizens should adhere to the rules on cryptocurrency that the country has established.
“The state will always want to provide its citizens with freedom in terms of economic transactions. It ensures the fulfillment of contractual obligations and taxation of income and profits. So any economic activity should allow for such things. “
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