T. V. Somanathan noted that people should be cautioned for Bitcoin ban possibilities.
According to the published report, in the interview, T.V. Somanathan, the Indian finance secretary, said crypto or virtual currencies ban bill could be reach at the table to impose a ban on the crypto industry.
Somanathan said that it is not necessary that if the government imposed tax on the crypto income then the government will legalize it with 100% surity.
In actuality, the Finance secretary quoted that extended version of the recent statement of India finance minister Nirmala Sitharaman on crypto legality. Where she said that crypto is still not recognised as legal assets.
“Should cryptocurrency be banned, regulated, or remain unregulated and not banned?—all possibilities are open. It can be banned, it can be regulated or it can be left neither regulated nor banned but taxed.”
Crypto tax and crypto legal assumptions
Just a couple of days ago, during the Indian budget session in Parliament House, Honorable Nirmal Sitharaman announced the bill to bring clarity on the crypto income with a net 30% tax on income +1% TDS on transactions.
After the crypto tax bill announcement, many experts claimed that taxation on the crypto industry means the country is ready to bring its crypto regulatory framework to this industry to give full legal status to this industry.
Past activities by the Finance Ministry of India and also statements of Indian prime minister Narendra Modi fully hinted that India has no plans to bring a ban on the crypto industry but surely it will introduce strict rules and regulations in cooperation with the other countries so that bad actors in crypto can be easily encountered.
According to reports, Finance Ministry is working more on its crypto bill, however, the bill was planned to introduce this year in the latest budget session but failed because of disapproval, which needed to work more on the bill.
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