Finance Minister Nirmala Sitharaman, while answering the questions of Ashish Singhal, Founder and Chief Executive of crypto trading platform CoinSwitch at the India Global Forum held in Bangalore today, said that the government will take its stand on cryptocurrencies after the process of ongoing discussions on this is completed. Will leave after
He further added that the consultation process on cryptocurrencies is underway and we welcome you to participate. After this process is completed, the Finance Ministry will hold a meeting to consider it. This is needed because we feel that the officers involved in the process should make sure that there is no violation of any legal process in this matter. We will give our opinion on cryptocurrencies once this process is complete.
She further said that I know that all of you want to know from me whether you will ban or regulate cryptocurrency? But I am not going to say anything on this right now, but we will talk about it after the ongoing discussion process. I am glad that you have welcomed the tax on cryptocurrencies.
It is worth noting that in the budget of FY 2023, 30 percent tax has been announced on the profits made on the purchase and sale of cryptocurrencies. Which has given rise to speculation that the government is preparing to legalize crypto.
This is in contrast to the Reserve Bank’s statement that cryptocurrencies will never be made legal tender. After that, Finance Minister Nirmala Sitharaman also clarified that taxing cryptocurrencies is the sovereign right of the government but this does not mean that it has been considered as a legal tender.
When asked if he sees the future of cryptocurrencies in India, he laughed lightly and said that a lot of Indians have found their future in it. In such a situation, we also see the possibility of getting revenue in it.