India’s Finance Minister has revealed the current state of India’s crypto policy, including whether cryptography will be legalized or banned. The issue of cryptocurrency legitimacy was raised in Congress after the government announced that it would tax cryptocurrency revenues at 30%. Finance Minister reveals India’s crypto policy situation India’s Treasury Minister Nirmala Sisaraman revealed on Friday that the government has not yet made a decision on whether to legalize or ban cryptocurrencies. During her budget speech last week, the Finance Minister announced that cryptocurrency income would be taxed at 30%. The tax system has led many to believe that the Indian government has legalized cryptocurrencies. Replying to questions raised during an ongoing Budget discussion in Rajya Sabha, the upper house of India`s parliament, by Congress member Chhaya Verma on the legitimacy of cryptocurrency via taxation, the finance minister was quoted as saying: I am not going to legalize it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input. She further emphasized that whether cryptocurrency is “legitimate or illegitimate, it is a different question, but I will tax because it is a sovereign right to tax,” PTI reported.
At this time, India does not legalize or ban cryptocurrencies, Finance Minister confirms India does not legalize or ban cryptography at this stage. The Minister of Finance confirms that India’s Finance Minister has disclosed the current state of India’s cryptographic policy, including whether cryptography is legalized or banned domestically. The issue of cryptocurrency legitimacy was raised in Congress after the government announced that it would tax cryptocurrency revenues at 30%. Finance Minister reveals India’s crypto policy situation India’s Treasury Minister Nirmala Sisaraman revealed on Friday that the government has not yet made a decision on whether to legalize or ban cryptocurrencies. During her budget speech last week, the Finance Minister announced that cryptocurrency income would be taxed at 30%. The tax system has led many to believe that the Indian government has legalized cryptocurrencies. In response to a question raised by Congressman Chaya Verma during an ongoing budget debate in India’s Senate Rajasaba about the legality of cryptocurrencies due to taxation, the Finance Minister was reported to have said: .. At this ban stage. Whether it is forbidden or not will come later when the consultation gives me input. She further emphasized that whether cryptocurrencies are “legal or illegal” is another matter, but I will tax them because it is a sovereign tax, PTI reported. .. The Government of India has been working on cryptocurrency law for many years. The crypto bill was listed for a parliamentary winter session, but was not taken up. Since then, there have been reports that the government is currently amending the bill. India’s economic minister, Ajay Sess, said last week that “regulations or bans, whatever they are, are appropriate policy responses to the pipeline’s crypto assets.” He added that the government has extensive discussions with stakeholders on cryptography. In addition, the Finance Minister said this week that the Government of India is constantly monitoring the crypto sector. Meanwhile, nearly 75,000 Indians have signed a petition at Change.org to introduce a wise crypto tax policy for the government.
