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Finance Minister Nirmala Sitharaman said, India will take a wise decision on cryptocurrency

Cryptocurrency: Expressing concern over the possible misuse of cryptocurrencies, Finance Minister Nirmala Sitharaman has said that India will take a very careful and thoughtful decision on the regulation of virtual currency. The Finance Minister said in a conversation at Stanford University, the decision on crypto will not be made in a hurry.

That said, it has to take its time. To make sure all of us have at least one piece of information available, we are making an appropriate decision. It cannot be done quickly. The Finance Minister said that we do not intend to hurt the innovation around crypto in any way. The Finance Minister reiterated that cryptocurrencies can be used for money laundering or terror financing. He said that not only India but many countries of the world have also discussed and expressed concern about it in different multilateral platforms.

Even before this, during his visit to America, the Finance Minister had said these things. The Finance Minister had said that India has decided to levy 30 per cent tax on the income from cryptocurrencies so that the people doing its transactions can be monitored. With this, it will be possible to find out who are involved in its transaction. The Finance Minister said that “How can we track these transactions, which were being done in electronic code. So we wanted to be sure. That is why we decided to tax 30 per cent of cryptocurrencies, which is why This we will be able to know who is buying and who is selling it.

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