New Delhi: The Supreme Court, on Friday (February 25), asked the central government to clarify its position on its position on Bitcoin. The Supreme Court has asked the government whether bitcoin is legal or not.
Recently, Finance Minister Nirmala Sitharaman, during the presentation of the Budget Union 2022, announced that cryptocurrency investors will have to pay a 30 percent tax on profits from virtual assets such as currencies or NFTs. Budget 2022 proposes section 115BBH to introduce tax on benefits from virtual assets.
However, Sitharaman has also recently clarified that the transfer of virtual assets tax does not mean that Bitcoin or any other cryptocurrency is legal in the country.
In an interview with Sudhir Chaudhary, Editor-in-Chief, Zee News, he also said that cryptocurrency or any digital asset should be included as it requires government support for all currencies to operate transparently. He also said that information about crypto should be clearly crystal clear.
Meanwhile, the Indian government is currently working on a Bill to regulate cryptocurrency in India. The government had plans to introduce a bill on network currencies such as Bitcoin during the November Winter Congress of December-2021 but did not formulate it. Also Read: Russia-Ukraine War: Bitcoin Donations Rise for Ukrainian Soldiers
In addition, the Reserve Bank of India favors complete access to speculative assets. Reserve Bank Deputy Governor Michael Patra, earlier this week, has said that crypto currencies have no fundamental value at all, and also called them a threat to financial stability. Also Read: India focuses on ‘aatmanirbharta’ in its security sector, PM Modi says