Thursday, July 25, 2024

Bitcoin, Ether, and NFTs would “never become legal tender.”

Indian finance secretary of government, T.V. Somanathan, issued certain big statements regarding digital currency. On Wednesday, Feb 2, 2022, a tweet from Asian News International went viral. The tweet reveals that as per Somanathan, legal tender will be given to digital currency that is backed by the Reserve Bank of India (RBI). Apart from that, other major cryptocurrencies must forget about getting legal tender. Other legal cryptocurrencies include Bitcoin (BTC), Ether (ETH), and other NFTs. These big cryptocurrencies do not have any authorization from the Indian government. Any transaction that happens will take place between two determined parties.

Further, Somanathan said that every individual who is dealing with private digital assets should be aware. Since other cryptocurrencies don’t have legal tender from the Indian government, then there can be a failure in transactions. Also, if an individual suffers losses, then the government will not be held responsible for it. On 1st Feb 2022, Nirmala Sitharaman highlighted that digital currency will soon be launched in India.

What did lawmakers say about cryptocurrency?

Previously, Indian lawmakers passed the bill which stated that the Indian government can ban the use of private cryptocurrency in the country. However, the bulletin on Tuesday shows that the Indian lower house did not consider the decision. Also, in the budget session, the matter was not taken into consideration by Parliament. Later, the government announced that a training event will be organized for lawmakers. Ten training events will be regarding digital assets and their effects in various areas.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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