Indians see future in crypto, government sees revenue, FM says

Indian finance minister Nirmala Sitharaman said on Tuesday the government will discuss its position on cryptocurrencies after completing an ongoing consultation process.

Fast facts

• Sitharaman said many Indians see a future in cryptocurrencies and the government sees opportunities for revenue in the asset class. 

• The finance minister announced a 30% tax on all crypto income in February, raising hopes of crypto legalization in the nation. 

• However, both the Reserve Bank of India and the government have clarified that taxation doesn’t necessarily mean legalization, leaving the entire industry craving for clarity. 

• The Supreme Court of India followed up by seeking clarification from the government on the legality of cryptocurrencies in the wake of surging Bitcoin scams.