new Delhi. Finance Minister Nirmala Sitharaman, while answering the questions of Ashish Singhal, Founder and Chief Executive of crypto trading platform CoinSwitch at the India Global Forum held in Bangalore today, said that the government is taking its stand on cryptocurrencies. Will keep it after the process of discussion is over.
He further added that the discussions on cryptocurrencies are ongoing and we welcome you to participate. After this process is completed, the Finance Ministry will hold a meeting to consider it. This is needed because we feel that the officers involved in the process should ensure that no legal process is being violated in this matter. After this process is completed, the government will give its opinion on cryptocurrencies.
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Happy to welcome tax on crypto: FM
She added, “I know you all want to know from me whether you will ban or regulate cryptocurrencies? But I am not going to say anything on this right now, but discussions are going on on it and we will talk on it after this process is completed. I am glad that you have welcomed the tax on cryptocurrencies.”
30% tax was announced in the budget
It is worth noting that in the Budget 2022-23, it was said to levy 30 percent tax (Tax on crypto) on the profits made from virtual assets. Apart from this, 1 percent TDS (TDS on Crypto) was also announced on its transactions. From this it was believed that the government had taken the first step towards legalizing cryptocurrencies. But, the truth is that it is difficult to guess what the government’s policy on crypto will be.
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RBI said – it is a threat to the security of the country
The Reserve Bank of India (RBI) has been against the recognition of cryptocurrencies. It has repeatedly said that recognizing it would threaten the security of the country. Apart from this, it is also not good for economic and financial stability. It has announced the launch of its digital currency.
The government has also decided to introduce a bill in the Parliament to make concrete rules and regulations on cryptocurrencies. This bill was to come in the winter session of Parliament. But, it was not introduced due to non-completion of discussion about it.
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