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Cryptocurrency News: RBI Governor’s big statement, cryptocurrency can cause financial crisis

Cryptocurrencies: RBI Governor Shaktikanta Das said that private cryptocurrencies could lead to a financial crisis. He has also termed crypto as a means of betting. RBI governor has been continuously warning about cryptocurrencies for the past several months.

Addressing the BFSI Summit, the RBI Governor said that cryptocurrency is extremely dangerous for financial stability. He said that there is no basis for the valuation of cryptocurrency and it is completely based on speculation. RBI has repeatedly reiterated its opinion against cryptocurrencies. The RBI governor has already said that this can pose a serious threat to the country’s macroeconomic and financial stability.

It was believed that the government would bring a bill in Parliament to regulate cryptocurrency. But the government has backed down from bringing this bill. Recently, a question was also asked to the government regarding this in the Parliament. In response to which the government said that cryptocurrency is a global issue. And regulating only in India will not work. The whole world together has to take steps to regulate it.

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While budgeting for the 2022-23 financial year, Finance Minister Nirmala Sitharaman imposed a 30 percent tax on the profits from cryptocurrency, which has come into effect from April 1, 2022. From April 1, 2022, the rule of 30 percent income tax recovery with surcharge and cess is applicable on the transfer of all cryptocurrencies like bitcoin. After this, the provision of imposing 1% TDS (Tax Deducted At Source) on payments made on transfer of Virtual Digital Assets (VDAs) i.e. cryptocurrency and non-fungible token (NFT) has come into force. 1 percent TDS was imposed on transactions above Rs 10,000. If the buyer does not have PAN at the time of transfer of cryptocurrency, then there is a rule to levy tax at the rate of 20 per cent. And if the buyer has not filed income tax return then TDS has to be paid at the rate of 5%.

From July 1, 2022, TDS will have to be paid on all crypto transactions, whether sold at a profit or at a loss. Meaning, investors who do not sell cryptocurrencies profitably will also have to pay tax. In such a situation, investors investing in crypto will have to pay one percent TDS so that the government can trace the whereabouts of those who transact in cryptocurrency.

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