Nirmala Sitharaman Says RBI Wants Complete Ban On Cryptos But Can’t Do It Without International Collaboration

We’ve been at it over and over again, haven’t we? Yet the government is hell bent on a complete ban on Cryptos. There’s ample evidence and anecdotes quoted by skeptics about the fallacies and flaws of a true virtual economy. Over enthu crypto fanbois on the other hand come up with ponzis and scams that decimates the credibility of the blockchain enabled economy. Here’s where the Government should have taken a balanced approach. Catering to the future while keeping proofing the system that the lay don’t get duped. Heck no! RBI wants a complete ban and the government parrots. The only glitch is, not everyone is on the same page. And Nirmala tai can’t see a future sans crypto without ‘global collaboration’.

Speaking in the Parliament, the honourable Finance Minister reiterated what she has been for months now that cryptos are destabilising and RBI recommends it be banned. The Finance Minister believes that by virtue of the virtual currency being borderless, it is impossible to impose any kind of regulatory arbitrage without international collaboration. This statement comes in the wake of speculations that the centre will bring legislation to regulate the desi crypto sector.

The government had already imposed hefty taxations on cryptocurrencies from April 1st 2022. There’s 30 percent taxation on all kinds of VDAs (Virtual Digital Assets) besides a TDS of 1% at the source of any transaction. Many rallied their concerns including Binance founder when the new legislations were brought. Crypto is volatile. True. Virtual economy is senseless. Ain’t no true at all. Until the government comprehends this and until the market stabilises, it will be aeons. Pointless to prod any further. Probably our only hope is that the government brings about their own digital currency and gradually learns to confide in cryptos with caution.

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