Is the proposed 30% tax on Cryptocurrencies a tacit acceptance of cryptocurrencies by the Government Of India? Indian Finance Minister Nirmala Sitaraman quashes such possibilities and said that taxing crypto assets does not mean the legalization of cryptocurrencies.
The Finance Minister’s statement comes at a time when the cryptocurrency tax proposal has evoked mixed responses. While some have decried the tax as another move to regulate DeFi, others have taken it as a signal of acceptance of cryptocurrency by the Government.
Sitharaman: I am not going to legalize it or ban it at this stage
The Indian FM has broken her silence on cryptocurrency legalization and said that the Government has only taxed the profits emanating from the crypto trade. It must not be read as a sign of acceptance of cryptocurrency as a currency of value at par with fiat currencies issued by the central banks.
The Economic Times quotes Sitharaman 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”.
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