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Home » Govt to ban cryptocurrency?
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Govt to ban cryptocurrency?

News DeskBy News Desk16 February 2022Updated:16 February 2022No Comments1 Min Read
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Decision after consultation

FM Nirmala Sitharaman has said the govt will take a decision on “banning or not banning” cryptocurrencies after consultations. Earlier, Sitharaman had announced the proposal of imposing a 30% tax on gains made on crypto trades

Additionally, a 1% TDS will be applicable on the transfer of such assets over a certain threshold.

Legitimise crypto traders

The crypto industry had welcomed the announcement that it legitimises their trades. However, the 30% tax has nothing to do with the legality of private cryptocurrencies, she said. 

The government has the sovereign right to tax profit from cryptocurrency transactions, she added. 

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