Nirmala Sitharaman News

India panel to consider sales tax on cryptocurrency next week

RBI will await Government's consultation paper on cryptocurrencies

RBI will await Government's consultation paper on cryptocurrencies

Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system.

Virtual assets are not akin to gambling or lottery: Crypto Firm Director

The GST Council, is considering to levy 28 per cent GST on cryptocurrencies.

Barring the dollar-pegged stablecoins — USD Coin and Tether — all major crypto tokens and altcoins were trading lower. Terra dropped 6 per cent, whereas Avalanche tumbled 5 per cent. Ethereum and Shiba Inu plunged 4 per cent each. The global cryptocurrency market cap was trading sharply lower at the $1.53 trillion mark, falling about 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 14 per cent to $98.63 billion.

The GST Council is considering levying 28 percent tax on cryptocurrencies and related services, sources told CNBC-TV18. The proposal is likely to be tabled in the next GST Council meeting.

Cryptocurrencies traded in the red early on May 8. The global crypto market cap stood at $1.60 trillion, a 3.36 percent decrease over the last day. The total crypto market volume over the last 24 hours reached $80.16 billion, marking a 12.97 percent drop.

Finance Minister Nirmala Sitharaman has flagged anonymity as an "inherent risk" in blockchain technology

Recently, Union Finance Minister Nirmala Sitharaman said that India will not rush into any decision on cryptos and will take a well-considered view. «It has to take its time to be sure that at least, with the given available information, we are making a discernible decision. It can't be rushed,» she said during an interaction with students and faculty at Stanford University in California. However, industry players believe that the delay is hurting India's prospects of becoming a major player in the crypto industry and leading to the exile of homegrown talent to crypto-friendly hubs.

Barring Avalanche and meme tokens — Dogecoin and Shiba Inu — all of the major crypto tokens were trading with minor gains on Thursday. Bitcoin jumped 3 per cent, followed by a 2 per cent rise in Ethereum, Terra and Solana. The global cryptocurrency market cap was trading higher at the $1.81 trillion mark, with a rise close to 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 13 per cent to $83.49 billion.

Crypto regulation will take time, "can't be rushed through": Sitharaman

Nirmala Sitharaman has said. «It has to take its time for all of us to be sure that at least, with the given available information, we are making a discerned decision. It can't be rushed,» Sitharaman said during an interaction with students and faculty at Stanford University in California. «There is impatience outside saying what are you doing about crypto… I understand the impatience but I'm sorry, that's how it is going to be,» she said.

Crypto regulation will take time, "can't be rushed through": Sitharaman

Flagging concerns over likely misuse of crypto, Finance Minister Nirmala Sitharaman on April 27 said that India will take a considerate decision on regulation around the virtual currency.

With crypto payment options frozen, challenges mount for the industry

Cryptocurrencies' trading volumes in Indian exchanges fall after new tax rules

Solana tanked 4 per cent, followed by 3 per cent fall in Bitcoin, Ethereum, BNB, Dogecoin, Luna and Avalanche. The global cryptocurrency market cap was trading almost lower at $1.88 trillion mark, with marginal gains in the last 24 hours. However, the total cryptocurrency trading volume zoomed about 18 per cent to $106.72 billion.What's cooking in India?Bharti Airtel chairman Sunil Mittal has backed FM Nirmala Sitharaman’s recent call for governments worldwide to evolve a suitable global regulatory regime to track new age cryptocurrencies which can pose serious problems.

Bharti Airtel chairman Sunil Mittal has backed FM Nirmala Sitharaman’s recent call for governments worldwide to evolve a suitable global regulatory regime to track new age crypto-currencies which can pose serious problems. “The world will move to crypto-currencies as it’s a fine technology, but nation states must collectively evolve a suitable global regulation to legitimise it and ensure such digital fund transfers happen in a safe environment, and that wrong people don’t benefit from it, especially as these transactions can’t be traced or tracked,” Mittal said at the Times Network India Economic Conclave 2022, Thursday. The telecom billionaire added that India is amongst the most important nations in a deeply-divided world as it has consistently valued its democratic system. This, he said, is also reflected in the fact that Indians today are CEOs of several top Fortune 500 countries, instead of anyone from neighbouring China, largely since MNCs across the world prefer to choose leaders from countries that have cherished democratic values and systems. “Do you really see even one Chinese heading an MNC today, there is none.”

Between the pandemic, the crude price super-spike and Vladimir Putin, the 2022-23 Budget has pretty much been consigned to the archives already. But at the time that Finance Minister Nirmala Sitharaman revealed her blueprint for not just the coming year but the next quarter of a century, which she dubbed as the “amrit kaal” – from India at 75 to India at 100, it was seen in some quarters as laying out the roadmap for India’s digital future.