India’s Finance Minister Reappointed: Investors Uneasy About High Crypto Taxes
Narendra Modi has reappointed Nirmala Sitharaman as India’s Finance Minister. Highlighting her ongoing influence in shaping economic policies, including crypto regulations and taxation.
Since 2019, Sitharaman has played a pivotal role in Indian economic reforms, overseeing the implementation of the 30% flat tax on cryptocurrency transactions, including trades, purchases, and earned income. Additionally, a 1% Tax Deducted at Source (TDS) applies to transactions exceeding ₹50,000. Despite lacking a formal regulatory framework for cryptocurrencies, the Indian government acknowledges their potential risks, particularly in illegal activities.
Sitharaman advocates for global cooperation in regulating crypto assets due to their international scope and technological intricacies, emphasizing that they are not recognized as legal tender in India. The Reserve Bank of India (RBI) shares these concerns, highlighting potential financial stability risks associated with cryptocurrencies.
Clever Robot News Desk 11st June 2024
