Govt and RBI in Harmony on Crypto: Finance Minister

Story Highlights
  • Ms Sitharaman said during a press briefing.
  • There is internal discussion on crypto said Governor Das
  • Earnings from crypto would be charged 30 per cent tax and 1 per cent TDS from the next fiscal year.

Finance Minister Nirmala Sitharaman addressing the press after the RBIs board meeting highlighted that there was complete harmony between the finance ministry and the Reserve Bank of India on all matters including cryptocurrencies.

“Not just on crypto, but on every other thing as well. I think there’s complete harmony with which we’re working, respecting each other’s domain and also knowing what we’ve to do with each other’s priorities and in the interest of the nation. There’s no turfing here,” she said. Updating developments on the issue of crypto, Governor Das said that the matter was under discussion between the govt and the central bank.
Crypto has been much in talks after the centre on February 1st, proposed to tax 30 per cent on the benefits earned by crypto and 1 per cent TDS. It also mentioned launching a digital currency using blockchain technology. According to Mr Das cryptocurrencies were a threat to the macroeconomy and financial stability and would undermine the central banks’ ability to deal with the challenges. He had labelled earnings from crypto-like those from gambling.

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