People see future in crypto, govt sees possibility of tax revenue: Finance Minister Nirmala Sitharaman

March 08, 2022
By Priyanka Shetty
Finance Minister Nirmala Sitharaman said on Tuesday at India Global Forum that said the consultation on crypto is currently ongoing.
Here’s what more you need to know:
  • She was asked the question on crypto regulation by Coinswitch CEO Ashish Singhal, who said he supports taxation on crypto assets.
  • She said: “Many Indians have seen a future in crypto, therefore I see a possibility of revenue in it”.
  • She further added that “once the consultation is done and the ministry has mulled over all the legal requirements for crypto law, the government will look at the opposition to it and discuss if crypto needs to be regulated”.
  • Earlier, in February, Sitharaman had said that the government has only taxed the profits from cryptocurrency transactions, and has not done anything to legalize or ban or regulate it.
  • However, there is a lack of clarity on the issue as Reserve Bank of India governor Shaktikanta Das has reiterated his caution towards crypto and said it could impact financial stability.

About the author

Based in Bengauluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.

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