Nirmala Sitharaman said, “We have taxed only profit from crypto transactions.”
New Delhi: Finance Minister Nirmala Sitharaman on Friday said whether or not to ban cryptocurrencies will be considered after deliberations. In her reply to the Union Budget 2022-23 in the Rajya Sabha, Ms Sitharaman said, “At this stage we are not doing anything to legalize or ban cryptocurrencies. We have taxed only the gains from transactions.”
The budget announced that the transfer of any virtual or cryptocurrency asset will be taxed at 30 percent, which is the highest tax band in the country.
In his budget speech, the Finance Minister had also mentioned that the Reserve Bank of India (RBI) will introduce a digital rupee backed by blockchain technology this year.
“The introduction of a central bank digital currency will give a major boost to the digital economy. Digital currency will also lead to a more efficient and affordable currency management system,” Ms Sitharaman had said.
This comes at a time when the Reserve Bank has expressed “serious concern” about private cryptocurrencies on the grounds that it could lead to financial instability.
According to industry estimates, there are an estimated 15 million to 20 million cryptocurrency investors in India, with total crypto holdings of around Rs 40,000 crore ($5.29 billion).
Addressing the Upper House on the country’s economic growth, Ms Sitharaman further said that there is no question of slowdown or slowdown, citing the estimated 9.2 per cent GDP (Gross Domestic Product) growth in the current financial year (2021-22). Is.
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