Taxing income does not give cryptos legitimacy Nirmala Sitaraman
Taxing income doesn’t give cryptos legitimacy: Nirmala Sitaraman
Banning or not banning will come subsequently, when consultations give me input.
The Finance Minister said the government has sovereign right to tax profit made from cryptocurrency transactions, and the decision on banning or not banning will be taken based on feedback from consultations. Replying to the general discussion on Union Budget, the minister said, “I am not going to legalise it or ban it at this stage.
Banning or not banning will come subsequently, when consultations give me input.” About the profit emanating from transactions in cryptocurrencies, she stated that “(Whether it is) legitimate or illegitimate, it is a different question, but I will tax because it is a sovereign right to tax”. The minister was responding to the questions raised by Congress member Chhaya Verma on cryptocurrency. Verma had asked about the legitimacy of taxing cryptocurrency.