2 November 2024
Taxing Crypto Doesn't Make it Legal, says FM Nirmala Sitharaman
Recently, the Finance minister of India, Nirmala Sitaraman, has cleared the doubts over Crypto legality in India. The minister said that taxing digital assets does not mean the legalization of Cryptocurrencies.
The statement from Finance Minister comes at a time when there is a mixed response over the Cryptocurrency tax proposal. Some consider tax as another move to regulate DeFi, and others believe that it is a signal of acceptance of Cryptocurrency by the Government.
However, Finance Minister Nirmala Sitaraman has spoken over Cryptocurrency legalization and said that the Indian government has only taxed the profits coming through the Crypto trade. She further clarifies that it should not be considered as a sign of acceptance of Cryptocurrency as a currency of value at par with fiat currencies issued by the central banks.
Sitharaman said, “I am not going to legalize it or ban it at this stage. Banning or not banning will come subsequently when consultations give me input”.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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