Business News | Taxing Cryptos Does Not Mean It Has Been Legalized, Says Sitharaman

New Delhi [India], February 11 (ANI): Union Finance Minister Nirmala Sitharaman on Friday said the imposition of tax on digital assets should not be seen as a precursor of legalization of cryptocurrencies.

Replying to the general discussion on Union Budget 2022-23 in Rajya Sabha, the Finance Minister said, "I am not going to legalize it or ban it at this stage. Banning or not banning will come subsequently when consultations give me input."

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In the Union Budget 2022-23 presented on February 1, the Finance Minister proposed to impose 30 per cent tax on income from the transfer of any virtual digital assets.

Sitharaman also announced the imposition of 1 per cent TDS on payment made in relation to the transfer of virtual digital assets. The move aims to capture the transaction details in digital currency.

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Some market analysts see the imposition of taxes as a precursor of legalization of cryptocurrencies.

However, the Finance Minister clarified that the government has taken a decision to tax the profit emanating from cryptocurrencies transactions but no decision has yet been taken on regulation or legality of it. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)