Cryptocurrency is not illegal and it is not banned

New Delhi. After imposing tax on cryptocurrency, a strange situation has arisen regarding this currency, on which Union Finance Minister Nirmala Sitharaman clarified on Friday. He said that cryptocurrencies are neither illegal nor banned. He said that the tax is being levied only on its earnings, other than that it has no meaning. Think, what is not illegal and what is not banned, then what is not considered valid?

During the discussion on the budget in the Rajya Sabha, the Finance Minister said that the government has only taxed the benefits of cryptocurrencies. A tax of 30 percent was proposed on its benefits in the budget. Earlier, Reserve Bank of India Governor Shaktikanta Das had warned investors. Shaktikanta Das said that cryptocurrencies are dangerous for the country’s macroeconomic and financial stability.

On the one hand, the Reserve Bank has said that it is a threat to economic and financial stability, on the other hand the Finance Minister has said that it is not illegal and there is no restriction on it. Sitharaman has also said that a bill will be brought to regulate cryptocurrencies. But it is not known when it will be brought. Sitharaman said that the decision on this digital currency will be taken in consultation with all the parties regarding it.

On his statement, Congress leader Shakti Singh Gohil said that how can you take tax on anything, if it is not legal. The tax means that cryptocurrencies are becoming legal. It was said in the budget that there will be no concession on the gains made from cryptocurrencies and there will be a direct tax of 30 percent. Nor can its loss be shown in the next year. That is, the loss will be of the investors, while 30 percent of the profit will be shared by the government.

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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