Modi again proves that he is a lackey of the US

[KrimesKaster]

All black market and black money is gone after Modi's demonetization.

None. All money found its way back to banks...

 

[SuvarnaTeja]

If you don't believe in crypto, don't invest in crypto. It's as simple as that.

LOL This is akin to saying

if you don't want to rob don't rob.

If you don't want to rape, don't rape.

If you don't want to kill someone, don't kill.

Modi might as well repeal the entire IPC.

None. All money found its way back to banks...

Oh I forgot. The real reason was to create a cash a less society.

Now all transactions are digital. So all private crypto transactions will happen through the digital payment from the bank accounts only. These transactions can be tracked by the bank and the government.

 

[Microsoft]

LOL This is akin to saying

if you don't want to rob don't rob.

If you don't want to rape, don't rape.

If you don't want to kill someone, don't kill.

Modi might as well repeal the entire IPC.

It's not similar to any of those things. robbing, raping, killing all have a negative impact on another person whereas investing in crypto is just your own business.

 

[Skull and Bones]

It's not similar to any of those things. robbing, raping, killing all have a negative impact on another person whereas investing in crypto is just your own business.

That guy has an IQ equivalent to a slug, don't bother explaining it to him. If a country can legalize lottery or gambling, it can very well legalize crypto and virtual currency, atleast the profits and transaction can be taxed.

There is no way to stop any one from trading crypto, given this DEX platforms. So might as well legalize it.

 

[SuvarnaTeja]

It's not similar to any of those things. robbing, raping, killing all have a negative impact on another person whereas investing in crypto is just your own business.

Why are narcotics illegal when tobacco and liquor are legal?

Why is incest marriage illegal when same sex is legal?

Why is polygamy illegal when marrying a divorcee is legal?

 

[KrimesKaster]

Oh I forgot. The real reason was to create a cash a less society.

Now all transactions are digital. So all private crypto transactions will happen through the digital payment from the bank accounts only. These transactions can be tracked by the bank and the government.

India: value of currency in circulation 2024 | Statista

After India declared demonetization of all 500 and 1,000 rupee notes in 2016, the currency in circulation had dropped to 13.35 trillion rupees in financial year 2017.

www.statista.com

Since then, the total currency in circulation has doubled. India cannot live without cash it seems.

 

[SuvarnaTeja]

India: value of currency in circulation 2024 | Statista

After India declared demonetization of all 500 and 1,000 rupee notes in 2016, the currency in circulation had dropped to 13.35 trillion rupees in financial year 2017.

www.statista.com

Since then, the total currency in circulation has doubled. India cannot live without cash it seems.

Why is Modi not banning all cash?

 

[Andhadhun]

Whats your problem with that? If he bans you will say Modi capitulated to Xi. If he does not you will say he is US lackey.

I know you have a history of mental health issues like depression. I believe you should avoid Internet / Social media for sometime.

He's a pakistani false flagger. Don't waste your time.

 

[Skull and Bones]

Why is Modi not banning all cash?

Then how will you collect your MGNREGA wage?

 

[SuvarnaTeja]

Then how will you collect your MGNREGA wage?

BHIM UPI App - Instant Money Transfer App | Download BHIM App

www.bhimupi.org.in

 

[Andhadhun]

Digital Rupee will be backed by RBI, other cryptocurrencies will never be legal tenders: Finance Secretary

After Finance Minister Nirmala Sitharaman announced that RBI will launch a digital Rupee in her budget speech yesterday, Finance Secretary TV Somanathan has confirmed that India’s digital currency will be backed by the Reserve Bank of India which will be the only legal digital currency in the country. In a post-budget briefing in Delhi on Wednesday, the North Block official said that the money will be issued by the RBI but the nature will be ‘digital’. He also added that other digital currencies or cryptocurrencies will never become legal tender in the country.

Digital currency will be backed by @RBI which will never be default. Money will be of RBI but the nature will be digital. Digital rupee issued by RBI will be a legal tender. Rest all aren’t legal tender, will not, will never become legal tender: Finance Secy TV Somanathan pic.twitter.com/aZCmZ1k5aH
— Prasar Bharati News Services पी.बी.एन.एस. (@PBNS_India) February 2, 2022

“Digital rupee issued by the RBI will be a legal tender. Rest all aren’t legal tender, will not, will never become legal tender” he said in the press conference. Somanathan has advised that other cryptocurrencies like Bitcoin, Ethereum or NFT will never become legal tenders.

Instead, these cryptocurrencies will be considered as assets where investments can be made. “Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government” he added.

Bitcoin, Ethereum or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by govt: Finance Secy TV Somanathan
— Prasar Bharati News Services पी.बी.एन.एस. (@PBNS_India) February 2, 2022

Secretary Somanathan further said, “People investing in private crypto should understand that it does not have the authorisation of the government. There is no guarantee whether your investment will be successful or not, one may suffer losses and govt is not responsible for this”. While making the government’s stance clear on the issue, the FM had announced in her budget that an RBI-issued ‘Digital Rupee’ will be introduced as a digital currency, and the government will levy a 30 per cent tax on gains made from any other private digital assets from April 1, 2021.

Taking a definite stand on the cryptocurrency issue, Central Government’s Budget 2022-23 stands out by regulating digital currencies while charging a 30% tax on income generated through it. Whilst, it has been now confirmed that other currencies will not have legal tender, the Digital rupee backed by RBI will stand as the only legal digital currency in the market.

 

[Akatosh]

Digital Rupee will be backed by RBI, other cryptocurrencies will never be legal tenders: Finance Secretary

After Finance Minister Nirmala Sitharaman announced that RBI will launch a digital Rupee in her budget speech yesterday, Finance Secretary TV Somanathan has confirmed that India’s digital currency will be backed by the Reserve Bank of India which will be the only legal digital currency in the country. In a post-budget briefing in Delhi on Wednesday, the North Block official said that the money will be issued by the RBI but the nature will be ‘digital’. He also added that other digital currencies or cryptocurrencies will never become legal tender in the country.



“Digital rupee issued by the RBI will be a legal tender. Rest all aren’t legal tender, will not, will never become legal tender” he said in the press conference. Somanathan has advised that other cryptocurrencies like Bitcoin, Ethereum or NFT will never become legal tenders.

Instead, these cryptocurrencies will be considered as assets where investments can be made. “Crypto assets are assets whose value will be determined between two people. You can buy gold, diamond, crypto, but that will have not have the value authorization by the government” he added.



Secretary Somanathan further said, “People investing in private crypto should understand that it does not have the authorisation of the government. There is no guarantee whether your investment will be successful or not, one may suffer losses and govt is not responsible for this”. While making the government’s stance clear on the issue, the FM had announced in her budget that an RBI-issued ‘Digital Rupee’ will be introduced as a digital currency, and the government will levy a 30 per cent tax on gains made from any other private digital assets from April 1, 2021.

Taking a definite stand on the cryptocurrency issue, Central Government’s Budget 2022-23 stands out by regulating digital currencies while charging a 30% tax on income generated through it. Whilst, it has been now confirmed that other currencies will not have legal tender, the Digital rupee backed by RBI will stand as the only legal digital currency in the market.

RBI digital currency will be a Game changer

 

[Andhadhun]

RBI digital currency will be a Game changer

How ?

We already have UPI real time digital transaction. What additional value with digital currency provide ?

 

[xeuss]

How ?

We already have UPI real time digital transaction. What additional value with digital currency provide ?

Just bragging rights that Modi media and lapdogs can present as the next best thing since sliced bread - like Demonetization

 

[Tshering22]

Then why did China ban them?

Digital Yuan is backed by China while Bitcoin and other private Cryptos are backed by intelligence agencies to trade drugs from Afghanistan and South America.

By legalizing private Cryptos, Modi is supporting drug trade into India.

The government has officially announced the development of Digital Rupee as well. This is going to be the future format of the currencies worldwide as more and more countries develop their digital infrastructure.

Bitcoin is like an open door; if someone can come in, even we (read Indian agencies) can go out as well. Besides, a lot of people would lose investments who have already bought several cryptos. Why ban it when it can be managed and taxed? It's free money for the government.

Your last statement is childish.

How ?

We already have UPI real time digital transaction. What additional value with digital currency provide ?

Chances are that the two might find common synergies and be merged into a single financial means. UPI could be the enabling technology. This would be a big saver on the printing costs, though the same would need to be utilized in the digital security area.