nhnhbg Provisions to Ban Cryptocurrency in India is Still Open — Finance Minister Says – Money Up Down
Connect with us

Indian Economy

Provisions to Ban Cryptocurrency in India is Still Open — Finance Minister Says

cryptocurrency ban in india

While the Union Budget 2022 made millions of crypto traders in India happy assuming that by imposing tax on cryptocurrency Indian government has finally accepted it as a legal asset, Nirmala Sitharaman, the Finance Minister of India clarified today that collecting tax from any asset is sovereign right of the country; but that doesn’t mean cryptocurrency has been legalised. She clarified that the final decision on crypto is still pending from Indian Government and is under discussion.

Read More :   Good News for Indian MLM Companies — Government Announces New Rule

 

Contextually, during the Union Budget 2022 the Finance Minister, Smt. Nirmala Sitharaman imposed a tax of 30% on the profit from digital assets, as well as 1% TDS on all types of transactions. Investors and even many finance experts assumed that, this is how India has finally approved digital currency as a legal asset. As a result the number of transactions on crypto platforms in India increased drastically after that.

Read More :   RBI Increased ATM Transaction Charges from 1st January 2022 | Check New Charge

 

However, on 11th February 2022, while the Finance Minister was answering a question posed on the budget explained that nothing has been finalised yet about the future of cryptocurrency in India. The government just collecting tax from this huge industry until the final decision is made and she also mentioned that it’s sovereign right of the country to impose tax on any transaction or profit.

 

She clarified that the expert committee is still on discussion level on whether India will legalise crypto, ban it or de-legalise. So, now, it has put the traders in a dilemma whether they should keep investing on new cryptos, or if they should take it out to protect it from any ban. So, people are now waiting eagerly on the next comment from the government about the future of this digital coin.

Read More :   Cryptocurrency Tax Came into Effect from 1st April for Indian Investors

More in Indian Economy