Post 8/2024
BIG news from India on #cryptocurrency
According to an official from the Reserve Bank of India (RBI), cryptocurrencies cannot be classified as "currencies" due to their lack of intrinsic value. P Vasudevan, an executive director at the RBI, emphasized this point during a panel discussion at IIM-Kozhikode. He highlighted that it is ultimately the government's responsibility to determine the approach towards regulating cryptocurrencies. At present, bitcoins lack legal recognition in India, and investors are subject to taxation on the profits generated from trading them.