At yesterday’s blockchain conference, former Deputy Governor of the Reserve Bank of India Rama Subramaniam said that the government should seriously think about the full adoption of digital money. The man believes that India should start treating cryptocurrencies as full-fledged taxable assets.
One of the options for using digital assets, according to the ex-official, could be high-speed and secure payments in the country’s economic sector. Subramaniam believes that the introduction of cryptocurrencies at the state level should begin immediately. At the beginning of this process, virtual money can be qualified as an asset class.
The official drew attention to the sensational bill the authority is working on. By its adoption, they want to recognize cryptos as goods that can be taxed. If this happens, Subramaniam is sure, digital assets are going to be used more for investments, rather than payments.