India’s finance minister, Nirmala Sitharaman, has indicated that government authorities are constantly monitoring the crypto industry. She stated that “the government has a team of people that are always monitoring, watching, and listening to people in the cryptocurrency business. They’re providing feedback to her. “
She also noted that the Reserve Bank of India (RBI) is working on producing India’s central bank digital currency (CBDC), the digital rupee. According to Indian Prime Minister Narendra Modi, it would bolster the digital economy and modernise fintech.
Last week, during her budget address, the finance minister recommended taxing cryptocurrency revenue at 30%, with no deductions to save the cost of purchase.
Related: Trading volumes soars in Indian crypto exchanges after budget
While some regard the finance minister’s proposed crypto tax as a step toward legitimising the industry, others are afraid that it would hamper innovation. More than 70,000 Indians have signed a Change.org petition urging the government to implement more acceptable crypto tax rules.
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