India’s Finance Secretary TV Somanathan made it clear that individuals who invest in private crypto should know that it does not have the authorisation of government and there is no guarantee whether their investment will be successful or not.
Somanathan said, Bitcoin, Ethereum or non-fungible tokens (NFT) will never become legal tender, Finance Secretary TV Somanathan said adding that digital currency will be backed by the Reserve Bank of India (RBI) which will never default. The statement comes a day after Finance Minister Nirmala Sitharaman announced a 30 per cent tax on virtual digital assets.
Bitcoin or NFT will never be a legal tender in India – Finance Secretary
“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 government,” news agency ANI reported quoting Somanathan.
Explaining his point, the Finance Secretary said that people who invest in private crypto should understand that it does not have the authorisation of government and there is no guarantee whether their investment will be successful or not. One may suffer losses and the central is not responsible for the same, he added.