The government doesn't plan to impose a law to regulate or toughen provisions on cryptocurrencies soon, according to a person who declined to be identified due to information privacy. A spokesman for the Ministry of Finance could not be reached for comment.
Prime Minister Narendra Modi's administration, after years of hesitation, announced a 30% tax on income from digital assets from April 1, making them more expensive to trade and aligning their transactions with activities such as horse racing and lotteries. The government had previously planned to put in place legislation clarifying its position on this issue.
A crisis in the cryptocurrency market in India due to the imposition of a 1% tax on the sector
In his seech to the World Economic Forum in January, Modi said that a united global approach to cryptocurrencies was needed, and that the steps taken by one country were not enough.
The central bank has publicly expressed its opposition to private cryptocurrencies, equating them with a Ponzi pyramid scheme, and asserting that they pose a threat to financial sovereignty.
Cryptocurrency investments boomed after India's Supreme Court overturned restrictions imposed by the Reserve Bank of India in March 2020.
Areport by cryptocurrency analysis Chain Analysis in October found that the market in India grew 641% from July 2020 to June 2021.
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