The former Deputy Governor of the Reserve Bank of India (RBI), Rama Subramaniam Gandhi shared his belief on The Crypto Market Industry and sees Cryptocurrencies as taxable asset or commodity.
He spoke at the inaugural HODL ’21 virtual conference organized by the Blockchain and Crypto Assets Council (BACC) of the Internet and Mobile Association of India (IAMAI) on Sept. 7.
The country will adopt crypto payments, Rama confirmed.
For instance, as uncertainties continues to grow amid regulations in the country.
A bill drafted by the government defined Cryptocurrencies as commodities and can taxed.
The bill will not allow crypto to br payments but will be used to trade and make investments.
This new bill came after the ban on all commercial banks over cryptocurrency-related transactions in 2018.
As a result of this, this causes a little panic in around the world.
So, the Supreme Court overturned the ban in February 2020.
It brought a bit of stability around Indian’s Crypto Market Space and More Adoption of the space grows with time.
Gandhi has gone ahead to encourage the government to open its doors to economic transactions involving Cryptocurrencies.
Crypto is a Global Investment, He added.
He advised the Government to bring in Regulations around the space because of the safety of businesses and individuals.
Crypto space will have a good positive effect on the economy of the country.
Many investors are looking for where to place their wealth as a hedge because of inflation.
Crypto offers long-term hedge over inflation and economic breakdown.
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