Indian finance minister Nirmala Sitharaman said on Tuesday the government will discuss its position on cryptocurrencies after completing an ongoing consultation process.
See related article: India government, central bank in ‘complete harmony’ on crypto: FM
Fast facts
- Sitharaman said many Indians see a future in cryptocurrencies and the government sees opportunities for revenue in the asset class.
- The finance minister announced a 30% tax on all crypto income in February, raising hopes of crypto legalization in the nation.
- However, both the Reserve Bank of India and the government have clarified that taxation doesn’t necessarily mean legalization, leaving the entire industry craving for clarity.
- The Supreme Court of India followed up by seeking clarification from the government on the legality of cryptocurrencies in the wake of surging Bitcoin scams.
See related article: India FM: RBI to issue blockchain-based digital rupee
