RBI Agrees With New Crypto Rules Says Indian Finance Minister
Central bank and the government in crypto agreement
According to Indian Finance Minister Nirmala Sitharan, the finance ministry and the central bank of India are in agreement with the new set of crypto rules added in the budget proof.
Sitharaman allayed any worries or fears concerning disagreement between both factions.
“The RBI and the government [are] on board. Discussions are ongoing. Even before the budget discussions [they] were ongoing and they will continue. Any discussion the government takes or the Reserve Bank takes, happens only after discussions with each other,” Sitharaman said.
“We were all discussing prior to the budget. And we shall continue to have the discussions. And all decisions … are being taken on it, obviously, because it [is] very serious, it is a digital currency from the central bank of some sort, of some shape, some color, some description. So obviously it will be with both of us having had enough consultations,” she added.
The new crypto rules will kick in March and will include a 30% tax on income from any transfer involving virtual digital assets. This addition was placed on the annual budget speech released on February 1st. In addition, there will be a time frame for the central bank to introduce the digital rupee (India’s central bank digital currency) by April 2023.
The finance minister reiterated that there was no worry or concern between the central bank and the finance ministry. She mentioned that both factions have been “respecting each other’s domain, also knowing what we’ve to do with each other’s priorities and in the interest of the nation. There’s no turfing here.”