Indian Finance Minister for Global Cooperation on Crypto Regulation
The Union Finance Minister of India, Nirmala Sitharaman, has once again reiterated the importance of global cooperation to regulate the crypto sector. She has also confirmed that regulators in India will continue to alert the public on the risks of investing in crypto through crypto awareness campaigns.
Focus on Global Cooperation for Regulation of Crypto Assets
The
Union Finance Minister, Nirmala Sitharaman, replied to questions on crypto
during a press conference on Monday. She said:
"In
India, crypto is on the agenda of the G20. This is because we think
technology-driven crypto asset creation, buying, and selling need international
cooperation."
"The
reason is they can be anywhere but operated in India, or they can be in India
but operated somewhere else," the finance minister added.
Crypto Assets Enticing Young Investors
The
minister also expressed concern about young investors, particularly students,
putting their pocket money into risky crypto assets in the hope of making a
profit.
"It
is a matter of concern for youngsters going for it; we have both regulators and
national security deposit centers, which have also done a lot of campaigning.
And this campaign continues now and then to alert people that it is a high-risk
area and they should be aware of it," she detailed. The finance minister
noted that the government aims to educate people on crypto and make them aware
of the potential risks.
The
government has been working on the cryptocurrency bill for a long time.
Speaking on the bill, the finance minister said:
"Concerning
the bill, discussion continues, and when there is some update, we will let you
know."
Sitharaman
recently revealed that India is having detailed discussions on how to
regulate crypto with G20 member nations so that a standard operating protocol
(SOP) can be established. The Economic Affairs Secretary, Ajay Seth, said
earlier this month that the government of India plans to introduce measures
around crypto this year.
While
India does not have a regulatory framework for crypto, the government is taxing
crypto income at 30% and has imposed a 1% tax deducted at source (TDS) on
crypto transactions. Meanwhile, the government has imposed new crypto tax penalties, including jail time for non-payment of crypto TDS.
What is your take on India regulating crypto this year? Please post your comments.
0 Comments