In a reply to a query asked by former Bihar deputy CM and Rajya Sabha MP Sushil Kumar Modi, Nirmala Sitharaman, the Finance Minister, on July 27 informed the Rajya Sabha that the Indian Government isn’t gathering any information on the cryptocurrency market and has no clue about the count of active crypto exchange platform users in the nation.
She added that the ministry hasn’t got any data on whether some of these exchanges are involved in money laundering or narcotic drug trafficking.
In reply to Modi’s query regarding the active platform in India, Sitharaman said that the data is not collected by the government. Initially, the Indian government had a strong attitude toward crypto but over the last few months, it has softened with the increasing fame of digital currencies in the nation.
Nirmala Sitharaman also proposed that investors who purchased crypto from abroad may not have to pay an equalization tax on them. Modi asked her about the same. He asked if or not the center aims to impose an equalization tax on the investors who have purchased crypto from outside of the country.
To which she responded that equalization tax is imposed on e-commerce operators, not on the investor.
While the government may not have info on active users and crypto exchange platforms, the crypto market believes that approximately more than 1.5 crore investors have purchased crypto worth Rs. 15,000 crore. Major coins such as Ethereum and Bitcoin have surged in fame in India since the starting of the year 2021. So, it would be secure to suppose that the count of crypto investors is also increasing quickly.