India IT Min Positive About Crypto If…
India’s Union minister of state for electronics and information technology Rajeev Chandrasekhar on Thursday gave an important statement about crypto operations in the country.
The country had in the recent years tightened its stance on crypto market trading and other digital asset activities. In 2022, the country’s administration imposed tough taxation on crypto related activities. Ahead of the country’s annual budget session that is set to begin on February 1, 2023.
In a latest, India’s IT minister Rajeev Chandrasekhar said nothing stands in way of crypto activity in a legal standpoint.
However, it remains to be seen if such a ban would be placed on specific activities around cryptocurrencies. Also, the upcoming Union annual budget could perhaps bring in changes or relaxations to the crypto tax slabs.
Adding to the concerns of Indian crypto enthusiasts, recent reports speculated about the possibility of India’s role in regulating crypto in context of the country leading the G20 group.
On similar lines, the country’s central bank had in the past expressed its reservations in allowing crypto transactions. Recently, the Reserve Bank of India (RBI) reaffirmed its stance saying that cryptocurrencies are highly volatile and exhibit high correlations with the equity market.
(With inputs from Shubham Joshi)
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