According to reports coming in Digital currency will be backed by RBI which will never be default. Money will be of RBI but the nature will be digital.
Digital rupee issued by RBI will be a legal tender. Rest all aren't legal tender, will not, will never become legal tender according to Finance Secretary TV Somanathan.
He has further added that Bitcoin, Ethereum or NFT will never become legal tender. Crypto assets are assets whose value will be determined between two people.
You can buy gold, diamond, crypto, but that will have not have the value authorization by government as per Finance Secretary TV Somanathan.
People investing in private crypto should understand that it does not have the authorisation of govt.
Finance Secretary TV Somanathan also said that there is no guarantee whether your investment will be successful or not, one may suffer losses and govt is not responsible for this.
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