It is our sovereign right to tax cryptos: FM Sitharaman

economictimes.indiatimes.com:

In a reply to a query from Chhaya Verma, a Rajya Sabha member from Chhattisgarh, she clarified that if there is a gain from crypto transactions, the government has the right to tax them, but does not necessarily make them legal or illegal. Banning or not banning crypto assets will depend on the inputs given by consultants, Sitharaman said in the upper house of Parliament.

Did you Know?

Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs

In the Union Budget, tabled on February 1, Sitharaman announced tax on gains from private cryptocurrency at a flat rate of 30 per cent, without any deduction or exemption. The loss arising from the sale of any virtual assets cannot be set off against any other income. TDS at the rate of 1 per cent would be levied on payments made on transfer of digital assets. The Reserve Bank of India (RBI) too has been skeptical about the use of private crypto assets and considers it as a major threat to macroeconomic and financial stability of the country. In a press conference held on Thursday, RBI Governor Shaktikanta Das said, «I have said that investors are their own judge. But, it is my duty today to tell investors that while betting on cryptos, they should be mindful that they are investing at their own risk.» Commenting on the central bank digital currency (CBDC) backed by RBI, he said that it will be the digital or electrical form of India's fiat currency. CBDC will be issued by the apex bank of the country as a legal tender. Vinu Peter Immanuel, Associate Partner, Link legal said, «Since decentralised cryptocurrencies