BENGALURU: Without getting into if cryptocurrency will be regulated soon or banned in India, Finance Minister Nirmala Sitharaman on Tuesday said the consultation process is on, and she welcomed the crypto industry to participate in it.
CoinSwitch founder and CEO Ashish Singhal posed the question to the finance minister saying leading nations are taking steps to regulate the cryptocurrency sector. Responding to it, at the India Global Forum's annual summit held in Bengaluru, she said the consultations are on.
"After the process gets completed, the ministry would sit and mull over it. After the consultation, we will be talking about it (cryptocurrency). A lot of Indians have seen a future in it; therefore, I see a possibility for revenue in it," she said.
The minister had announced in the Budget that any income from virtual digital assets will be taxed at 30 per cent and also a 1 per cent TDS (Tax Deducted at Source) on all crypto transactions.
Talking about the proposed digital currency, she said the government sees an advantage in a central bank driven digital currency. "This year we expect the currency to come out from the central bank itself," she said.