Re-emphasizing the stand of the government on the legality of crypto, Nirmala Sitharaman, the Finance Minister of India has once again cautioned cryptocurrency investors against investment in any such cryptocurrency.
What was said
During her address at an event organized by the BJP Economic Cell, Nirmala Sitharaman rigidly cautioned the people that crypto is not a currency. She also prompted investors to proceed with a warning on cryptos, adding that a new law on cryptos will be introduced soon.
Shed some more light
She said that warning is the word. So she thinks all of us have to share our ideas and proceed with a bit of caution on that. There is a high probability when one is talking about technology, but how and where, and what path it takes is something that all of us will have to be focused on and watch for.
What is the Indian government’s stance on cryptocurrency?
It may be highlighted that the Indian government doesn’t acknowledge cryptos, but imposes a 30% tax on income gained from such digital assets.
What does the Union Finance Minister has been doing regarding crypto?
Sitharaman has been making a strong case for global regulation of cryptos to handle the risks of terror funding and money laundering.