RBI Restates Crypto Warnings Despite Supreme Court Pressure
The post RBI Reiterates Crypto Warnings Despite Supreme Court Pressure appeared on BitcoinEthereumNews.com. RBI maintains crypto caution, overlooking Supreme Court’s regulatory push forward. Supreme Court urges speedy action, alerts crypto ban is impractical. Crypto market needs tax relief, cautions India losing international edge. The Reserve Bank of India (RBI) has once again warned against the risks of crypto, highlighting that its position remains the same. During the press conference that happened after the policy decision, Sanjay Malhotra, Secretary of the Department of Economic Affairs, revealed it. Despite pressures from the Supreme Court and constant policy disputes, the RBI has not altered its major concerns. Supreme Court Advises Swift Action on Crypto Regulation In Malhotra’s view, the central bank is still worried about the impact of cryptocurrencies on the stability of financial resources and financial policies. Previously, the Supreme Court’s statement on crypto has not produced any additional updates. According to him, RBI has kept a stable position on this subject. At the moment, a working group in the government is evaluating this issue. We keep monitoring the possible risks linked to crypto. Still, the Supreme Court of India pushed authorities to do something as quickly as possible. Justices Surya Kant and N Kotiswar Singh recently pointed out in their observation that prohibiting cryptocurrencies is not very realistic. Judges warned that prohibiting crypto might impede India’s development in the developing global financial sector. They indicated that since there are no rules in place, individuals could misuse digital currencies and become confused. In fact, the court believes that the government has not taken sufficient action to clarify regulations for digital assets. As a result of the uncertainty, there is confusion in the market, so organizations and investors find it difficult to trust the system. At the same moment, the new framework to create and update financial regulations was taken into…
The post RBI Restates Crypto Warnings Despite Supreme Court Pressure appeared on BitcoinEthereumNews.com. RBI maintains crypto caution, ignoring Supreme Court’s regulatory push forward. Supreme Court urges swift action, warns crypto ban is unrealistic. Supreme Court Urges Swift Action on Crypto Regulation In Malhotra’s view, the central bank is still concerned about the impact of cryptocurrencies on the stability of financial resources and financial policies.
Market Prompts Government to Ease Crypto Tax Burden Meanwhile, the area of cryptocurrencies in India is working to overcome the rules. Many Indian crypto investors and developers have chosen to move to countries where crypto is more accepted. It is further estimated that if India makes proper changes in taxes and regulations, its crypto market could reach a size of $15 billion.
Crypto industry demands tax relief, warns India losing global edge. The Reserve Bank of India (RBI) has once again warned against the risks of crypto, highlighting that its position remains the same. Market Urges Government to Alleviate Crypto Tax Burden On the other hand, the area of cryptocurrencies in India is working to overcome the rules. Many Indian crypto investors and developers have chosen to move to countries where crypto is more accepted. It is further estimated that if India makes appropriate changes in taxes and regulations, its crypto market could achieve a size of $15 billion.
