Indian Finance Minister Nirmala Sitharaman stated that the government is wary of cryptocurrencies, but they do not want to block “something futuristic”. For this reason, we refer to many different opinions before decisions on cryptocurrencies, the Minister said.
“This is not a period where we can say things like I don’t care what happens or I don’t want to do anything. “But I’m still not sure if we’re in a position to follow El Salvador’s preferred path, but we have to make sure we don’t get in the way of something futuristic.”
Sitharaman stated that India’s technological and fintech infrastructure is sufficiently advanced, so India’s own cryptocurrency is not an impossible thing. But he added that, according to the Minister, great care must be taken before incorporating cryptocurrencies into the central economy. That’s why we should be cautious, but we should still think about this issue in detail,” he said.
Crypto Tax in India
The news that cryptocurrencies will be banned in India, which was frequently mentioned in the past, started to be forgotten after the news at the beginning of September. According to the news spoken in the Indian crypto community in September, the Indian government will try to tax cryptocurrencies instead of banning them. This decision by the Indian government will still not be enough to determine cryptocurrencies as an “asset class”.
Time will tell whether these statements by the Indian government and the news that cryptocurrencies will not be banned will be reflected as a positive development for the crypto money world or will it be reflected as a negative result due to the sales pressure of Indians who do not want to pay taxes. Still, the fact that cryptocurrencies are not banned in a populated country like India, which closely follows cryptocurrencies, will be positive news in the general picture and will prevent the unexpected deterioration of the supply of cryptocurrencies.