{"id":1780,"date":"2022-02-09T13:20:25","date_gmt":"2022-02-09T13:20:25","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=1780"},"modified":"2022-02-09T13:20:26","modified_gmt":"2022-02-09T13:20:26","slug":"indian-government-constantly-monitoring-crypto-sector-says-finance-minister","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=1780","title":{"rendered":"Indian Government &#8216;Constantly Monitoring&#8217; Crypto Sector, Says Finance Minister"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>India\u2019s finance minister, Nirmala Sitharaman, has reportedly revealed that the government is \u201cconstantly monitoring\u201d and \u201cwatching the crypto sector.\u201d Referring to her budget speech, she noted that crypto taxation will be implemented before the central bank, the Reserve Bank of India (RBI), issues its digital currency.<\/strong><\/p>\n<h2>Indian Finance Minister on Monitoring Crypto Sector and RBI\u2019s Digital Currency Launch<\/h2>\n<p>India\u2019s finance minister, Nirmala Sitharaman, has revealed that government officials are constantly monitoring the crypto sector, India Today reported Monday.<\/p>\n<p>Speaking at India Today Budget Roundtable 2022 on the \u201cState of India\u2019s Economy: The Final Word,\u201d she was quoted as saying:<\/p>\n<p>We have a team of people who are constantly monitoring, watching the crypto sector and listening to people from that area. They are giving me feedback.<\/p>\n<p>In addition, the finance minister said that the Reserve Bank of India (RBI) is working on issuing India\u2019s central bank digital currency (CBDC), the digital rupee. However, she clarified that crypto taxation will be implemented first.<\/p>\n<p>During her budget speech last week, the finance minister proposed taxing income from cryptocurrency at 30% without allowing any deductions except the cost of acquisition.<\/p>\n<p>Last week, Indian Central Board of Direct Taxes (CBDT) Chairman J. B. Mohapatra was quoted by the publication as saying:<\/p>\n<p>The taxability of the cryptocurrency is certain for this financial year \u2026 Crypto investors should know that the transactions done before April 2022 will not be tax-free.<\/p>\n<p>While some people see the finance minister\u2019s crypto tax proposal as a step to legitimize the sector, many are concerned that it will stifle innovation. Over 70,000 Indians have now signed a petition on Change.org for the government to introduce more reasonable crypto tax policies.<\/p>\n<p>The finance minister also said during her budget speech that the RBI will introduce its central bank digital currency (CBDC) in the next financial year beginning April 2022. Indian Prime Minister Narendra Modi said that the digital rupee will strengthen the digital economy and revolutionize fintech.<\/p>\n<p><em><strong>What do you think about the Indian government constantly monitoring the crypto sector? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons, CNBC TV18<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/indian-government-constantly-monitoring-crypto-sector-says-finance-minister\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s finance minister, Nirmala Sitharaman, has reportedly revealed that the government is \u201cconstantly monitoring\u201d and \u201cwatching the crypto sector.\u201d Referring to her budget speech, she noted that crypto taxation will be implemented before the central bank, the Reserve Bank of India (RBI), issues its digital currency. Indian Finance Minister on Monitoring Crypto Sector and RBI\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-1780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1780"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1780\/revisions"}],"predecessor-version":[{"id":1782,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/1780\/revisions\/1782"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/1781"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}