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India warns about the threat of the economy "dollarization" due to cryptocurrencies

India warns about the threat of the economy "dollarization" due to cryptocurrencies

Reserve Bank executives recalled that almost all digital assets are dollar-denominated and issued by individuals.

According to The Economic Times, leaders of the Reserve Bank of India (RBI) spoke at a hearing of the Standing Committee on Finance of the Indian Parliament. Representatives of the regulator pointed out that almost all cryptocurrencies are denominated in dollars and issued by individuals. This is contrary to India's national interest, the RBI said.

"It will seriously undermine the RBI's capacity to determine monetary policy and regulate the monetary system of the country," a member of the panel quoted RBI officials as saying.

Authorities are drafting a bill that provides for the release of the official digital currency in 2023 and a ban on the use of other cryptocurrencies in the country. Since April 1, the country has a 30% tax on income from the use of cryptocurrencies by individuals.

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