India is in discussion with other G20 nations to plan a common regulatory framework for crypto regulation, Indian Finance Minister Nirmala Sitharaman said during a press conference after a meeting today, February 11.
Union Finance Minister Nirmala Sitharaman attended the Central Board of Directors meeting of the Reserve Bank of India (RBI) after the Union Budget 2023-24. Reserve Bank of India Governor Shaktikanta Das addressed concerns about recession and the global economic outlook. He said the “global economy is not that grim.”
“Crypto involves a lot of technology, it’s 99% technology. We are talking to all countries if all the countries can achieve a standard operating procedure that will be effective while following a regulatory framework. It’s under discussion with G20 nations,” said Nirmala Sitharaman.
In the Union Budget 2023-24, the Finance Minister did not announce any new measures on crypto taxation or regulations. The crypto community was expecting relief from a 30% crypto tax and 1% TDS in India. India-based crypto exchanges urge the government to reduce the tax burden and TDS to 0.1%.
Crypto Community Criticized Adani Situation
Furthermore, Finance Minister Nirmala Sitharaman asserts that Indian regulators are aware of the concerns regarding the Adani Group. Many believe the government is punishing the crypto community in India for investor protection reasons and failing to protect investors from companies like Adani.