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In India, Bitcoin, Ether, and NFTs will 'never become legal tender,' as per Finance Secretary

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"You can buy gold, diamond, crypto, but that will have not have the value authorization by government," T.V. Somanathan stated.

T.V. Somanathan, the Indian government's finance secretary, is allegedly denying that cryptocurrencies will be broadly accepted in the country by rejecting the prospect of utilizing them as legal tender.

Somanathan, as per a tweet from Asian News International on Wednesday, said that a digital rupee supported by the Reserve Bank of India, or RBI, will be recognised as legal tender, but that significant cryptocurrency will not. As digital assets such as Bitcoin (BTC) and Ether (ETH) are not backed by the government, they will probably remain "assets whose value will be determined between two people,” according to the finance secretary.

“Digital rupee issued by RBI will be a legal tender,” said Somanathan. “Rest all aren't legal tender, will not, will never become legal tender. Bitcoin, Ethereum or NFT will never become legal tender [...] You can buy gold, diamond, crypto, but that will have not the value authorization by government.”

The finance secretary also added, “People investing in private crypto should understand that it does not have the authorization of government. There is no guarantee whether your investment will be successful or not, one may suffer losses and government is not responsible for this.”

Somanathan's statements come after Indian Finance Minister Nirmala Sitharaman said on Feb. 1 that the country intended to create a central bank digital currency, or CBDC, by 2023, noting that it could give the digital economy a "big boost." She also suggested that digital asset transactions be taxed at a rate of 30%.

Earlier this year, Indian Lawmakers proposed a bill that would have restricted the usage of "private cryptocurrencies" in the country. But, according to a Tuesday bulletin from India's lower house of Parliament, the bill would not be addressed during the budget session that runs until May. Rather, the government has scheduled a legislative training session on cryptocurrency and its economic impacts.

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