India Is Still In Cryptocurrency Denial Mode

Syed AhadWeb Editor

29th Jul, 2021. 11:27 pm

Cryptocurrencies are completely ignored by the government of India. Finance Minister Nirmala Sitharaman told Parliament on July 27 that the Indian government collects no data on the cryptocurrency market in response to a query from a member of parliament (MP).

She stated that the government is unaware of the precise number of cryptocurrency exchanges or investors in the country. She also stated that her ministry has received no information regarding the use of these exchanges for money laundering or drug trafficking.

In the Upper House (Rajya Sabha), an MP from her party, the BJP, had inquired if the government was aware of the number of crypto exchanges in the country. The finance minister responded by saying, “This information is not collected by the Government.”

In response to another query from the same BJP MP, Sushil Kumar Modi, she stated that cryptocurrency investors who purchased coins outside of India would not be subject to the Equalization Levy. According to Sitharaman, “Equalization levy is imposed on e-commerce operators, not on the investor.”

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