India will not legalize or ban cryptocurrencies for now

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2022-02-12 18:00:27

This is the affirmation of the Indian finance minister on cryptocurrency policy, a topic that is still a big question mark in this country.

India will not legalize or ban cryptocurrencies for now

In his speech last week, Finance Minister Nirmala Sitharaman announced that India will quickly implement CBDCs and that income from cryptocurrencies will be taxed at 30%. The tax plan has led many to believe that the Indian government has legalized crypto.

However, in response to questions raised during the ongoing discussion at the Rajya Sabha on February 11th by Member of Parliament Chhaya Verma about the legality of cryptocurrencies through taxation, Nirmala Sitharaman made it clear. as follows:

“I will not legalize or ban crypto at this stage. Banning or not banning will come later, when the consultations give me more general input.”

In fact, the Indian government has been working on a crypto regulatory framework for many years. A proposed Parliamentary bill to build CBDCs and ban “most” cryptocurrencies was presented to the government for consideration during its December 2021 session but was not accepted. Since then, it has been reported that the government is currently reworking the bill.

In addition, India’s Economic Affairs Secretary, Ajay Seth, said last week that regulation or ban, whatever it may be, the appropriate policy response to cryptocurrencies is being perform. He added that the government is consulting extensively with stakeholders on the law. However, on the part of the Central Bank of India, the organization continues to maintain its hostility to cryptocurrencies, once again asserting that crypto is a threat to the country.

While the move is one of the rare times that India has taken a neutral stance on the market, a signal that is usually seen as positive, Bitcoin did not react positively to this information. At press time, BTC is trading around $42,150 after hitting an intraday low of $41,688.

1H chart of BTC/USDT price.  Source: Binance
1H chart of BTC/USDT price. Source: Binance

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