Union Finance Minister Nirmala Sitharaman on Saturday said there is a lot of technology involved in cryptocurrencies and India is in talks with other countries to get standard operating procedures. Speaking to reporters after the customary address to the Central Board of the Reserve Bank of India after the budget, the finance minister said, “Crypto involves a lot of technology, it is 99% technology. We are talking to all countries if not all.” Countries can achieve a standard operating procedure that will be effective while following a regulatory framework. Discussions are underway with the G20 countries.”
In last year’s budget speech, Sitharaman had imposed a 30% fixed tax rate on all income generated through crypto trading and non-fungible tokens.
The Center as well as the Reserve Bank of India (RBI) has often warned people about cryptocurrencies.
In December last year, RBI governor Shaktikanta Das said that if these assets were allowed to grow, the next financial crisis would be caused by private cryptocurrencies. The RBI governor had said that his main concern is that cryptocurrencies “have no inherent value”.
Apart from this, the Finance Minister spoke on the Adani issue. He said regulators are aware of concerns about the Adani Group group, but declined to elaborate on how the government plans to tell the Supreme Court.
On the new tax regime, FM Sitharaman said that it will benefit the middle class as it will leave more money in their hands.
In Union Budget 2023, FM announced that under the revised concessional tax regime, which will be effective from the next financial year, no tax will be levied on income 3 lakhs. income between 3-6 lakhs will be taxed at 5%; 6-9 lakhs at 10%, 9-12 lakhs at 15%, 12-15 lakhs at 20%, and an income of 15 lakh and above will be taxed at 30%.
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