Wednesday, September 28, 2022
HomeLaw & PoliticsTax on Cryptocurrency does not imply that they are legal: Nirmala Sitharaman

Tax on Cryptocurrency does not imply that they are legal: Nirmala Sitharaman

The Indian Finance Minister, Nirmala Sitharaman, has broken her silence on cryptocurrency regulation. She said the government has only taxed cryptocurrency profits. This should not be seen as an indication of central bank acceptance of cryptocurrencies as a currency.

During the Budget session of Parliament on Friday, Finance Minister Nirmala Sitharaman stated that the government has the sovereign right to tax profits made from cryptocurrency transactions and that the choice to ban or not ban cryptocurrencies in India will be taken after discussions.

She also highlighted the laws on cryptocurrency in India, saying that taxing virtual assets does not mean that the government has legalised them. 

Sitharaman also said that the Reserve Bank of India (RBI) will release a digital currency, or digital rupee, starting in 2022-23 based on blockchain and other technologies. The Central Bank Digital Currency (CBDC) was introduced to offer a boost to the digital economy, resulting in a more efficient and cost-effective currency management system.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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