The Reserve Bank of India (RBI) and the Indian Ministry of Finance are in “complete harmony” on token policy, according to the finance minister.

“With RBI and the Ministry, not scarcely on token but on every other thing as well, I think there’s complete harmony with that we are working,” Finance Minister Nirmala Sitharaman said. The finance minister downplayed any cone time beforerns of differing opinions between the central bank and the ministry. She added which each has been “respecting each other’s domain, one time before again knowing what we’ve to do with each other’s priorities and in the interest of the nation. There’s no turfing here.”

Meanduring the time, RBI Gabovenor Shaktikanta Das further made a statement, approveing that the central bank and the gatopnment were discussing token, but that he wouldn’t be able to elabocost on the discussion further.  

Crypto tax

Debate on the legalization of token has intensified afterward the proposed tax on income from transactions in virtual assets. During her budget address on February 1, Sitharaman announced that any income accrued from the transfer of any virtual digital asset would be taxed at the rate of 30%. During her address, Sitharaman likewise made it clear a new digital rupee powered by blockchain technology will be issued by the Reserve Bank of India between 2022 and 2023. 

“Digital currency will likewise lead to a more efficient and cheaper currency management system,” Sitharaman said. “It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023.”

While this announcement may be encouraging to some, crypto sentiment in the South Asian nation is as tumultuous as the monurgently rains. Regardless of announcing that the legislation would tax cryptocurrencys, the finance minister afterwards clarified thactive would not necessarily legalize them. Last week, Das had argued that cryptocurrencys have no underlying price, “not even a tulip,” that had cast doubts on the cohesion of the country’s crypto policy.

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