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🇮🇳 Can the RBI ban crypto? No.
But it certainly wants to.
On July 2, the RBI told Parliament:
VDAs should not be legalized.
Not having a policy is also a policy.
It has maintained the same stance since 2013.
But the law says otherwise-
↳ Finance Act 2022 - Crypto officially defined as a VDA
↳ 30% tax — Section 115BBH
↳ 1% TDS — On every transaction
↳ FIU-IND is the regulator — Not the RBI
You don't tax something that's illegal. 💀
In 2018, the RBI imposed a ban.
In 2020, the Supreme Court struck it down.
Today, the RBI can only give its opinion.
Only Parliament has the power to ban crypto.
119M users. Chainalysis No. 1 for 3 years.
The RBI wants a ban. Parliament is collecting taxes.
Three different directions. Zero clarity.
What do you think—regulation or a ban?