Lagatar24 Desk
New Delhi, Feb 2: A day after the Union Budget 2022, finance secretary TV Somanathan clarified India’s position on crypto and crypto-tax, saying that Bitcoin, Ethereum, and NFT will never become legal tender.
The finance secretary said on Wednesday, aside from agriculture, the government’s policy is that all other income is taxable. The Reserve Bank of India will back digital currency, which will never default. The money will be issued by the RBI, but it will be digital in nature and will be legal tender, according to the finance secretary. The rest (digital money) is unlawful tender and will never become legal tender, according to the secretary.
“Bitcoin, Ethereum or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorisation by the government,” said Somanathan.
Bitcoin, Ethereum or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by govt: Finance Secretary TV Somanathan
— ANI (@ANI) February 2, 2022
“People investing in private crypto should understand that it does not have the authorisation of govt. There is no guarantee whether your investment will be successful or not, one may suffer losses and govt is not responsible for this,” he added.
Digital currency will be backed by RBI which will never be default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all aren't legal tender,will not,will never become legal tender:Finance Secy TV Somanathan
(File pic) pic.twitter.com/Cko0e4753X
— ANI (@ANI) February 2, 2022
