Indian Government 'Constantly Monitoring' Crypto Sector, Says Finance Minister
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Loading... - Binita Ahuja
- 09 Feb 2022
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Indian Finance Minister on Monitoring Crypto Sector and RBI’s Digital Currency Launch
India’s finance minister, Nirmala Sitharaman, has revealed that government officials are constantly monitoring the crypto sector, India Today reported Monday.
Speaking at India Today Budget Roundtable 2022 on the “State of India’s Economy: The Final Word,” she was quoted as saying:
"We have a team of people who are constantly monitoring, watching the crypto sector and listening to people from that area. They are giving me feedback."
In addition, the finance minister said that the Reserve Bank of India (RBI) is working on issuing India’s central bank digital currency (CBDC), the digital rupee. However, she clarified that crypto taxation will be implemented first.
During her budget speech last week, the finance minister proposed taxing income from cryptocurrency at 30% without allowing any deductions except the cost of acquisition.
Last week, Indian Central Board of Direct Taxes (CBDT) Chairman J. B. Mohapatra was quoted by the publication as saying: Read More…
