RBI governor sounds alarm on private cryptocurrencies, cautions investors

File Photo of RBI Governor Shaktikanta Das (ANI ) — File Photo of RBI Governor Shaktikanta Das **(ANI )**

1 min read . Updated: 10 Feb 2022, 01:01 PM IST Livemint

The Budget has proposed a 30% tax on virtual digital assets.

Listen to this article

The Reserve Bank of India (RBI) has once again cautioned investors on the risks posed by private cryptocurrencies in India. Private cryptocurrencies are a threat to financial stability, investors should keep risks in mind, governor Shaktikanta Das said.

The Budget has proposed a 30% tax on virtual digital assets.

MINT PREMIUM See All

Further, the buyer shall be liable to withhold tax on payments made for the purchase of such asset at the rate of 1% as withholding tax. Also, gains or losses on sale of virtual assets will not be allowed as set off against any other gains or losses. i.e. it will be treated as a separate class of asset.

Subscribe to Mint Newsletters

* Enter a valid email

* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!