India’s Finance Minister Confirms That The Country Would Not Legalise Or Ban Cryptocurrency At This Time

• During her Budget speech, the finance minister said that bitcoin income will be taxed at a rate of 30%. Many people believe that the Indian government has legitimised cryptocurrencies because of the taxation scheme.

• Around 75,000 Indians have signed a Change.org petition urging the government to implement fair crypto tax rules.

• For years, the Indian government is working hard on a cryptocurrency bill. A crypto law was scheduled to be debated during parliament’s winter session, however it was not picked up. There have been indications that now the government is rewriting the bill since then.

The Minister of Finance (Vitt Mantr) (or simply the Finance Minister, abbreviated as FM) is the head of the Government of India’s Ministry of Finance. The finance minister, one of the most senior positions in the Union Cabinet, is in charge of the government’s budgetary policy. One of the Finance Minister’s main responsibilities is to propose the annual Union Budget to Parliament, which outlines the government’s tax and spending plans for the coming fiscal year. The finance minister also describes the allocations to several ministries and departments in the Budget. The Minister of State for Finance and the lower-ranking Deputy Minister of Finance help him on occasion.

Nirmala Sitharaman, India’s finance minister, stated on Friday that the government has not decided whether to legalise or ban bitcoin.

The Finance Minister Said That Bitcoin Income Will Be Taxed At A Rate Of 30%

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Last week, during her Budget speech, the finance minister said that bitcoin income will be taxed at a rate of 30%. Many people believe that the Indian government has legitimised cryptocurrencies because of the taxation scheme. In response to a question on the validity of cryptocurrency via taxation asked by Congress member Chhaya Verma during an ongoing Budget debate in India’s Rajya Sabha, the finance minister was cited as saying:

At this time, I’m not going to legalise or prohibit it. The decision to ban or not to ban will be made after She receive feedback from consultations.

She also stated that whether cryptocurrency is legitimate or illegitimate is a different question, according to PTI. But She will tax because it is a sovereign right to tax, she added. For years, the Indian government is working hard on a cryptocurrency bill. A crypto law was scheduled to be debated during parliament’s winter session, however it was not picked up. There have been indications that now the government is rewriting the bill since then.

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75,000 Indians Have Signed A Change.Org Petition

Regulation or ban, whatever it is, adequate policy response to crypto assets is in the process, India’s economic affairs secretary, Ajay Seth, said last week. He went on to say that the administration is consulting with a wide range of stakeholders on crypto law. In addition, India’s finance minister stated this week that the country’s crypto sector is being closely monitored. In the meantime, around 75,000 Indians have signed a Change.org petition urging the government to implement fair crypto tax rules.