India’s Parliamentary Standing Committee on Finance is highlighting cryptocurrency again, this time with a stronger warning. Chairman Bhartruhari Mahtab said that “thousands of crores” are leaving India through investments in virtual digital assets (VDAs), or crypto.
After the committee’s seventh meeting on VDAs, Mahtab said many Indians are investing in cryptocurrencies, with much of that money going to offshore platforms outside India’s control. This is the first time the finance committee chairman has spoken so directly about crypto-related capital outflows.
The meeting included talks with officials from the Revenue Department, Income Tax Department, and Corporate Affairs Ministry. Mahtab said the committee wanted to understand the tax and regulatory issues around crypto. He also repeated the Reserve Bank of India’s ongoing opposition to allowing or regulating crypto in the country.
Mahtab said the committee is looking at how other countries handle crypto regulation. The United States and the European Union have chosen to regulate crypto, while China has banned it completely. Countries like Japan and Brazil are managing crypto under their current laws instead of creating new rules.
These comments come as Indian policymakers grow more concerned about tax losses, investor protection, and crypto startups moving abroad. The committee has not suggested a final solution yet, but the discussion shows India’s crypto debate is becoming more serious and focused on policy.
Parliament’s 7th VDA Meeting Reveals Thousands Of Crores Leaving India Via Crypto
The conversation around crypto in India is getting bigger 👀 From taxes to capital movement, digital assets are now becoming part of national-level policy discussions.
Source: CryptoTimes#Crypto… pic.twitter.com/icEJ3RTVsR
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