Union Minister Piyush Goyal announced that India will roll out a digital currency guaranteed by the RBI, which will streamline transactions and reduce reliance on unregulated cryptos. Experts view this as a crucial step towards enhanced regulatory frameworks.
While India is not banning cryptos lacking backing, heavy taxes are being applied to discourage usage. This reflects a notable pivot from a ‘tax-and-tolerate’ approach toward stricter compliance and regulation.
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