RBI to issue digital Rupee | Bitcoin, Ethereum, Shiba Inu Buying Safe?

Reserve Bank of India Planning to Launch Indian Rupee Digital Coin with using Blockchain Technology in this year 2022-2023, No Clear answer from Government on other Crypto Currencies, Trading on Bitcoin, Etherum, doge coin etc are still allowed and till now no ban has announced.

Imaginary Image/ by /Image Credit: CivilsDaily.com

HIGHLIGHTS

  • RBI to Launch Digital Rupee.
  • FM has announced in Budget 2022 session.
  • No Clear answer from Government on other Crypto Currencies.
  • Still no ban on Crypto currency.

Digital Rupee

During this Year Budget Session 2022, Finance Minister Nirmala Sitharaman has confirmed that Reserve Bank of India is soon going to Launch Digital Rupee based on Famous Blockchain Technology. However Government has not clarify anything on other crypto Currencies.

Finance Mistier Nirmala Sitharaman said “Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce a digital rupee using blockchain and other technologies, to be issued by the Reserve Bank of India, starting 2022-23.”

Last year Reserve Bank of India has expressed its desire to launch Digital Currency, at that Time Government was planning to ban use of Cryptocurrencies in India, However things get stalled after a committed was formed to hold talks with stakeholders and give recommendations on the future of cryptocurrencies in the country.

Later, the draft of crypto bill suggested that the government may still ban all cryptocurrencies in the country to promote a possible digital currency from the RBI.

“To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses,” the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 read.

Nirmala Sitharaman said in her Budget 2022, that a new crypto tax will be introduced under which virtual digital assets will be taxed at 30 per cent in the country. She also clarified that no set off will be allowed in case of losses. Also, gifts in virtual digital assets would be taxed in the hands of the recipient.

Bitcoin, Ethereum Buying Safe?

As there is still no clarification from Government on Crypto Currency Ban, So you can buy Bitcoin, Ethereum, Dogecoin etc. However you have to pay the tax.

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