India’s Finance Minister doesn't know what to do with cryptocurrency

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Nirmala Sitharaman awaits expert advice on digital assets

India’s Finance Minister doesn't know what to do with cryptocurrency

12.02.2022 - 07:55

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What’s new? Indian Finance Minister Nirmala Sitharaman at a press conference at Rajya Sabha (the upper chamber of Parliament) stated that she did not have enough information to decide the fate of cryptocurrencies in the country. The minister added that “banning or not banning will come subsequently” when she consulted experts on digital assets.

Finance Minister’s press conference

What else did Nirmala state? The finance minister noted that the state has “the sovereign right to tax” the income that citizens receive from cryptocurrency transactions. Moreover, the taxation of digital assets does not depend on their legal status.

While Sitharaman decides what to do with cryptocurrencies, the Indian government is preparing to launch a digital rupee. CBDC may come into the country as early as 2022-2023.

Author:

Vasiliy Smirnov

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