The Indian finance minister indirectly hinted that India will not ban the Crypto and blockchain industry.
Under the crypto tax bill of India, crypto trading is fully legal with the provision of 30% tax on income generated on every crypto transaction. In the past few years, the Indian crypto community never came to know about the actual intention of the government toward crypto, whether it is going to bring a regulation framework or ban provisions.
On 27 April, Nirmala Sitharaman, finance minister of India, stated on crypto regulation during her speech at Stanford University.
The Finance minister said that there is huge potential in the crypto and blockchain industry and already huge things we have seen so far.
“We recognize that there is a lot of potential and already well-grounded progress made in the distributed ledger technologies.”
On behalf of such potential because of unique technology, the minister confirmed that they will give better room to evolve and also that the government has no intention to hurt this industry.
On the possibilities of illegal use cases, the minister noted it is very hard to figure out the precise ways to prohibit such illegal use of digital assets, so the government needed time to create a precise framework.
“will have to take its time” to ensure the government takes a “discerned decision” based on available information, “it can’t be rushed through.”
These statements by Nirmala Sitharaman indirectly hinted that the government will not ban cryptocurrencies but surely it will take time.
Indian crypto tax bill under controversy
The Crypto tax bill of India was introduced last month officially under laws but the 30% tax system is not fully clear for the crypto investors and companies because here crypto industry includes the trading of crypto assets against stablecoins and also there is a payment system for crypto assets, where direct 30% tax will ruin the future of jobs in the crypto industry.