The Indian government announced a 30% tax on crypto income earlier this year, which came as a low blow to the future of the digital asset industry in the country. Following this, there were rumors of a ban too and it seems like the Indian Government is serious about it as the Reserve Bank of India has shown concerns. The matter has even been discussed in the parliament recently. Check out the details below.
Nirmala Sitharaman, India’s finance minister recently told the parliament about RBI’s concerns about the “destabilizing effect of cryptocurrencies on the monetary and fiscal stability of a country.”
This comes after the Indian Government suggested making a regulatory body for cryptocurrency in India and was expected to announce a bill for the same. But, this never happened. It remains to be seen what India plans to do in the matter.
