BusinessWhen & Why RBI To Ban Cryptocurrency in India Nirmala Sitharaman Explained

When & Why RBI To Ban Cryptocurrency in India Nirmala Sitharaman Explained

Finance Minister Nirmala Sitharaman has said that international cooperation is needed to ban cryptocurrencies.

New Delhi: The Monsoon Session of Parliament is underway today. This series will be held till 12th of August. It is said that 18 sessions will be held in this series. Like the last budget session, the central government is planning to pass various bills in this series as well.

In this situation, Nirmala Sitharaman answered MP Thirunavukkarasar’s question about the comparison of GST collection in the Monsoon Session of the Parliament, saying that the GST tax collection revenue in India has now increased many times compared to the pre-corona period.

Finance Minister Nirmala Sitharaman today responded to questions raised in Parliament on cryptocurrencies. Then he said, “The RBI says that cryptocurrencies should be banned. But cryptocurrencies have no boundaries.

Finance Minister Nirmala Sitharaman then answered the question raised by Thirumavalavan MP in it,

The central government thinks that crypto-currencies including Bitcoin should be banned with the cooperation of international countries. He said that banning cryptocurrency only in India would not have the full effect.

Therefore, if cryptocurrency is to be banned, the risks involved, tax system, standards should be studied and legislation should be enacted with international cooperation. RBI warns cryptocurrency holders and traders.

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