Breaking: India’s Finance Minister Answers Crypto Regulation, Adani Queries

India is in discussion with other G20 nations to plan a common regulatory framework for crypto regulation, Indian Finance Minister Nirmala Sitharaman said during a press conference after a meeting today, February 11.

Union Finance Minister Nirmala Sitharaman attended the Central Board of Directors meeting of the Reserve Bank of India (RBI) after the Union Budget 2023-24. Reserve Bank of India Governor Shaktikanta Das addressed concerns about recession and the global economic outlook. He said the “global economy is not that grim.”

“Crypto involves a lot of technology, it’s 99% technology. We are talking to all countries if all the countries can achieve a standard operating procedure that will be effective while following a regulatory framework. It’s under discussion with G20 nations,” said Nirmala Sitharaman.

In the Union Budget 2023-24, the Finance Minister did not announce any new measures on crypto taxation or regulations. The crypto community was expecting relief from a 30% crypto tax and 1% TDS in India. India-based crypto exchanges urge the government to reduce the tax burden and TDS to 0.1%.

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