Earlier, the government introduced a flat 30% tax on crypto transactions, without telling whether they’re legal or not.
A fortnight packed with important developments on the economic front, Indian Finance Minister Nirmala Sitharaman and Governor of India’s central bank Shaktikanta Das told the media that there is complete harmony between the two government bodies on the cryptocurrency front.a flat 30% tax on all incomes from crypto activities. She also announced the introduction of central bank digital currency from the next fiscal beginning April 2022.could strengthen the digital economy.
“Banning or not banning will come subsequently when the consultation gives me inputs but then would you rather have me not tax and allow the profits to be there. I will tax because its sovereign right [of the government] to tax,” she had added.Both the Indian Finance Minister and the chief of the central bank
Besides reiterating their stance on crypto, what caught everyone’s attention were the yellow roses on the dais, the predominantly yellow sari of the Indian Finance Minister, and the yellow facemask of the RBI Governor. In this part of the world, yellow signifies union/marriage. Politically, it was seen as a smart decision for the government that helped it wriggle out of a difficult spot where pro- and anti-crypto opinions had become highly polarized.
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