India’s vice president: encrypted currency than a “Pangzhu”, it is recommended to prohibit

A senior executive of the Indian central bank will encrypt the currency than a “Pangzu”, and it is also recommended to prohibit it directly. This is the government proposed to taxing virtual digital assets and recognizing it is the world’s second largest Internet market. The legal currency is only a sharp criticism after the road.

T. RABI Sankar told the audience at a bank meeting, and the encrypted currency was specially supported by a regulated financial system and has no support.

He said: “We also see that encrypted currency cannot be defined as currency, asset or goods; they do not have basic cash flows, there is no intrinsic value; they are similar to the Pang’s scam, or even worse.”

When Sankar published this, the Indian government has issued a signal indicating that it is moving toward the direction of recognizing digital virtual assets as a statutory currency. The Minister of Finance Nirma Sithaman proposed in the federal budget of this month, the income tax generated by the transfer encrypting currency and NFTs.

Although there is uncertainty in supervision, in the past year, the sales of encrypted currencies and NFTS have achieved rapid development in India. According to the analysis of CHAINALSISIS, this world’s second largest Internet market is second.

SITHARAMAN pointed out in the budget presentation: “The size and frequency of these transactions have enabled us to develop a specific tax system.”

As of now, the Indian central bank has been very cautious about encrypted currencies. In 2018, it prohibits financial companies and encrypted currency transactions. Two years later, the ban was overthrown by the Supreme Court of India, but most banks continued to follow the RBI instructions.

SITHARAMAN said Monday, New Delhi and RBI are discussing rules, both have been on.

Sankar’s speech has shown that RBI does not change its long-standing position. “As a value store, the encrypted currency like Bitcoin has given an impressive return, but the 17th century is the same. Encrypted currency is like a speculative or gambling Contract, like the Pang’s scam, “he said,”

Sankar also warned that encryption goods will destroy the currency system, monetary authorities, banking systems, and generally the ability to control the economy in the government. “They threaten the financial sovereignty of a country, making it easy to creating a private company that creating these currencies or government strategic manipulation of the government of these currencies. The conclusion of all these factors is that it is forbidden to encrypt the currency may be the most sensible to India. Select. We have studied the arguments proposed by those who advocate encrypting currencies should be regulated, and found that these arguments can not afford to scrutinize. “