Breaking Bitcoins, Ethereum or NFTs are not legal tenders in India

[iDJ]

Leading cryptocurrencies such as Bitcoin and Ethereum, as well as non-fungible tokens (NFT) will never become legal tender, Finance Secretary TV Somanathan said on February 2.

Similarly, Somanathan added, crypto assets will have no authorisation from the government as their prices are determined privately.

Bitcoin, Ethereum or NFT will never be legal tenders, crypto doesn’t have govt authorisation: Finance Secretary

Finance Secretary TV Somanathan discouraged investment in crypto assets, saying "there is no guarantee whether your investment will be successful or not". One may suffer losses and the government is not responsible for this, he stressed.

www.moneycontrol.com

 

[Mystique]

NEW DELHI: The government said it doesn’t treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings from gambling.

“They are in a grey area. It’s not illegal to buy and sell crypto,” finance secretary T V Somanathan said in an interview to Bloomberg Television.

Crypto News India: India says crypto not illegal as it’s taxed like gambling win | India Business News - Times of India

India Business News: The government said it doesn’t treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings

m.timesofindia.com

 

[greylala91]

not being a legal tender doesnt mean its illegal. It will be treated as a virtual asset and taxed accordingly.

 

[Bapun]

https://twitter.com/x/status/1492034346819416064

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