Q. Consider the following statements:
1.Cryptocurrencies are decentralized digital assets that rely on a central bank for value regulation and security.
2.In India, the government has introduced a 30% tax on income from cryptocurrency transactions.
3.The Supreme Court of India has upheld the RBI’s 2018 circular that banned banks from facilitating any cryptocurrency-related transactions.
How many of the statements given above are correct?
Answer: A
Notes:
Explanation:
- Statement 1 is incorrect: Cryptocurrencies are decentralized and not controlled by any central authority or bank.
- Statement 2 is correct: A 30% tax on virtual digital assets was introduced in the 2022 Budget.
- Statement 3 is incorrect: The Supreme Court overturned the RBI ban in 2020, allowing financial institutions to deal with crypto exchanges again.
