Indian FM Sitharaman Says ‘Taxing Cryptos Doesn’t Mean It Has Been Legalized’

BREAKING NEWS

Indian Finance Minister Nirmala Sitaraman quashes such possibilities and said that taxing crypto assets does not mean the legalization of cryptocurrencies.

The Finance Minister’s statement comes at a time when the cryptocurrency tax proposal has evoked mixed responses.

While some have decried the tax as another move to regulate DeFi, others have taken it as a signal of acceptance of cryptocurrency by the Government.

The Indian FM has broken her silence on cryptocurrency legalization and said that the Government has only taxed the profits emanating from the crypto trade.

It must not be read as a sign of acceptance of cryptocurrency as a currency of value at par with fiat currencies issued by the central banks.

Many experts opine that the move to bring profits earned from cryptocurrency transactions is the first step towards legalizing it.

The cryptocurrency tax comes at a time when the Government is in the process of bringing the Cryptocurrency and Regulation of Official Digital Currency Bill.