Modi government to offer clarity on cryptocurrencies soon
The Modi government will reveal its stand on cryptocurrencies after completing the ongoing consultation process, finance minister Nirmala Sitharaman said on Tuesday.
“The consultations are on. After that, the ministry would probably mull over it... we need the executive to be sure that they are not crossing any legal requirements,” Sitharaman said at the India Global Forum.
“Many Indians have seen a future in crypto, therefore I see a possibility of revenue in it,” Sitharaman said. The government has proposed a tax of 30 per cent on income from cryptocurrencies and other digital assets in the budget.
The RBI will come out with its digital currency later this year. “We have had a lot of consultation with the RBI over digital currency. We would like them to design it the way they would like to do it. But this year, we expect the currency to come out from the central bank itself,” Sitharaman said.
Finance Bill, 2022 proposed that a Central Bank Digital Currency (CBDC) “should also be regarded as bank notes”. RBI deputy-governor T. Rabi Sankar had said the central bank plans to take up pilot projects on CBDC.