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 <p class="is-style-lead">Indian officials, aligned with the RBI, say the regulator has not changed its stance on crypto emphasizing an outright ban.</p>
 <p>The Reserve Bank of India (RBI) remains convinced that <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies should be banned.</p>
 <p>The officials, who spoke on the condition of anonymity, told Indian newspaper Hindustan Times that treating crypto assets as regulated entities may not have significant upsides.</p>
 <p>They suggest that, at best, they should be treated akin to gambling instruments.</p>
 <p>Although the Indian government is engaged with crypto businesses on the matter, the RBI noted that the government cannot ignore concerns around digital currencies.</p>
 <blockquote class="wp-block-quote">
  <p>“The <a rel="noopener noreferrer nofollow" title="government" href="https://thebittimes.com/tag/government.html">government</a> cannot sidestep the RBI’s <a rel="noopener noreferrer nofollow" title="concerns" href="https://thebittimes.com/tag/concerns.html">concerns</a> while deciding on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies, as it is responsible for monetary stability in India and maintains price stability.”</p>
  <p>An unnamed RBI official</p>
 </blockquote>
 <p>While the fate of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> in India remains uncertain, entrepreneurs in the sector are grappling with challenges imposed by local regulators. The implementation of a 30% tax on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> profits and a 1% tax deduction at the source (TDS) on all transactions has led to a significant decline in traffic on <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchanges.</p>
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 <p>In mid-September, Nischal Shetty, CEO of the Indian cryptocurrency exchange WazirX, indicated that the much-needed tax relief on crypto transactions in India is still years away, with authorities likely to maintain the 1% TDS until 2025. Shetty particularly emphasized that there were “no formal discussions” between the industry and lawmakers on the matter.</p>
 <p>At the same time, Sumit Gupta, the head of another Indian <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange, CoinDCX, said his firm was in talks with the <a rel="noopener noreferrer nofollow" title="government" href="https://thebittimes.com/tag/government.html">government</a> to reduce TDS from 1% to 0.01%, though he did not disclose the timetable for the update.</p>
 <p>In October 2022, WazirX navigated the crypto market downturn by reducing its workforce by 40%, with 60 employees out of 150 affected. About a year later, in August 2023, CoinDCX also downsized its staff by 12%, citing the prolonged bear market and changing tax policies that impacted its revenue.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/india-s-central-bank-says-government-cannot-ignore-its-concerns-over-crypto-tbt74708.html">https://thebittimes.com/india-s-central-bank-says-government-cannot-ignore-its-concerns-over-crypto-tbt74708.html</a></p>

India’s central bank says government cannot ignore its concerns over crypto

TheBitTimes

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