What Is The News of RBI on Cryptocurrency?. RBI’s Plan on Cryptocurrency

Welcome to StayInform In today’s article, you will know what is the news of RBI on cryptocurrency? Cryptocurrencies are growing again in the international market. Bitcoin is growing at a rate of 6.8%, Ethereum is also growing at a rate of 9% and other cryptocurrencies are also growing at the same rate. And Donald Trump’s support for crypto is behind this rapid growth.

What Is The News of RBI on Cryptocurrency?

You know that crypto is not yet accepted in India. But there are many people in India who do not have cryptocurrency. So what is RBI doing?

What Decision Has The American Government Taken on Cryptocurrency?

Since the Trump administration came to power, there have been changes in the policy of cryptocurrency and Bitcoin. The US government supports cryptocurrency. America has decided to create a cryptocurrency reserve.

Similarly, many of Donald Trump’s policies are in favor of cryptocurrency and Bitcoin. He has appointed people in his administration who are in favour of cryptocurrency. He has appointed people in his administration who are in favor of cryptocurrency.

So American policies are in favor of cryptocurrency and Bitcoin. So far this year, Bitcoin price has given a 24% return. Bitcoin price has risen to $1,16,000.

But It Has a Big Connection With India.

Is India going to come back on the path of cryptocurrency? Yes, I wanted to understand this. There are reports that RBI has become cautious and is working on some new policies.

Is there any regulatory plan for this or is there something else coming from RBI? What is the problem with cryptocurrency in India? I remember 2021-22. Cryptocurrency and Bitcoin were at their peak at that time. At that time, this was seen both in India and the world.

The whole world was thinking about what to do with cryptocurrencies. And then we saw a sharp decline in cryptocurrencies in 2022. The prices dropped sharply.

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And the government made strict rules. It was said that cryptocurrencies would not be used. At that time, regulation, cyber fraud and many other issues came up.

Future of Cryptocurrencies In India?

Even then, there was a problem between the government and the RBI. What will be the future of cryptocurrencies in India? Should the government make any regulation for it? At that time, the government imposed a tax on cryptocurrencies. You have to pay 30% tax on any profit or gain from cryptocurrencies.

There is no benefit of such a big tax on shares or other assets. The government imposed a 30% tax on cryptocurrencies. The reason was that people can avoid it in any way.

There were two things in it. One is that RBI was directly rejecting cryptocurrency. We don’t want cryptocurrency in this country.

Launching E-Rupee

That’s why in 2022 RBI started a project called CBDC or central bank digital currency. Where RBI launched e-rupee or digital currency in both retail and wholesale. And RBI said you have digital currency, we will use it.

The government wanted to create a regulatory framework. Under which we will bring cryptocurrency. So that people can legally trade in cryptocurrency.

And they can see it as an asset class. The question was whether cryptocurrency is an asset class or not. There was a long debate on this.

Now it seems that the Trump government is taking a favorable decision on cryptocurrency. The Trump family is interested in cryptocurrency business. There is talk of launching an ETF.

Trump is looking for possibilities. There is talk of creating a reserve. Seeing all this, there was a presentation by RBI Governor Sanjay Malhotra before the parliamentary panel.

In that presentation, he was asked about the future of cryptocurrency and its regulatory framework. He said that RBI is monitoring the development of cryptocurrency. He also said that he is preparing a research paper on the future of cryptocurrency in India.

And the work is still going on. After that, it will be brought to the public. The public will be consulted.

But after all this, he has only one opinion. Because we have brought CBDC in India. Which is like cryptocurrency.

And it provides benefits to the people. And the other is UPI. Both are places where you can make payments.

You will get benefits in other places. So there is no need to bring cryptocurrency in India. So RBI is still in the initial stage.

We have to be very careful about cryptocurrency. There are many types of frauds. And if I talk about the period 2020-2021.

From cyber fraud to terrorist funding. All sorts of allegations and extortion money was taken in crypto. We don’t know where the source is coming from.

RBI is still making the government aware of these kinds of things. So the government is in the process of bringing a new policy. We already have CBDC as a cryptocurrency.

The Problem With CBDC

Although RBI says that we have a currency like cryptocurrency. CBDC is also based on blockchain.

But can you trade CBDC? People have used CBDC for trading. People have invested in CBDC through exchanges. And there have been returns.

Let’s say you have got 24% returns this year. Will CBDC work like this? Will CBDC work as an investment tool? That is a question. But if you look at it broadly.

America’s Interest In Cryptocurrency.

It is creating a stir in India. And the RBI’s finance panel.

What they have presented. It may happen in the future. We will see a consultation paper.

And then a regulatory framework. Government and RBI together. And so.

The path for cryptocurrency to come back to India. It seems open. It is now a possibility.

Yes. There is a possibility. For cryptocurrency in India.

A path can be opened. It is not acceptable. But it is taxed.

It is something to think about. But yes. According to the RBI.

According To The Governor.

There is no need for it. Because we already have blockchain.

The government has imposed a tax of 30% on profits. It has basically removed people from this business. Who were investing in cryptocurrency.

All of them. They were all removed from this business. The government has also said.

The Financial Intelligence Unit. With it. All cryptocurrency exchanges.

Those who are working in India. They have to register themselves there. The entire income of the money.

Conclusions

Where is the money coming from. Where is the money going from. You have to give a full account of it.

That is why the government was so strict then. Most of those who were trading in cryptocurrency. They were all forced to leave it. Because America. In this regard. Trump was not in favor of it. Then and now. Now suddenly again. And their family business. Is also showing interest in it. So. We have to see. What will other European countries do? They are also not in favor of cryptocurrency. Cryptocurrency has become a problem for central banks around the world. For the last 3-4 years.