Cryptocurrency: Central government may soon take a big decision on cryptocurrency, consultation paper ready

Business

oi-Bavita Jha

New Delhi. The central government can take a big decision soon regarding cryptocurrencies. The government has also prepared a consultation paper for this. Now it is ready to take suggestions from different stakeholders on this consultation paper. Ajay Seth, Secretary, Economic Affairs, Ministry of Finance, gave this information himself today and said that India is seriously considering cryptocurrency. Keeping in mind its regulation in other countries, it will consider regulating it in India. It is being considered now.

Let us tell you that in the budget this year, the Finance Minister brought the earnings from cryptocurrencies under the tax net. Although cryptocurrencies are not currently recognized in India, you will have to pay 30 per cent capital gains tax on the income generated from it. This was announced by Finance Minister Nirmala Sitharaman during the budget announcement this year.

Along with tax, the government has also put a condition for payment of 1 percent TDS on crypto transactions, which will be applicable from July 1. Actually the government is doing all this to keep an eye on the transactions of crypto.

Ajay Seth, Finance Secretary, Economic Affairs, said that the consultation paper on cryptocurrencies is almost ready. Every aspect has been discussed in this preparation. He said that it is very important to have a global consensus regarding cryptocurrencies. He said that the Government of India will not be in any hurry to regulate it. In view of the safety of Indian investors, steps taken regarding crypto in different countries will be discussed before regulating cryptocurrencies.