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FM interview exclusive: Crypto asset not currency unless issued by RBI; regulatory bill possible in Budget session

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FM interview exclusive: Crypto asset not currency unless issued by RBI; regulatory bill possible in Budget session

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FM Nirmala Sitharaman, in an exclusive interview with Rahul Joshi, Editor-in-Chief, Network18, said crypto assets, or virtual digital assets, can be used as currency only if the central bank issues it. She said the government decided on the 30% crypto tax as people are making profits from crypto transactions. She further said it is possible that the cryptocurrency bill could be tabled in the ongoing Budget session.

Union Finance Minister Nirmala Sitharaman, in an exclusive interview with Rahul Joshi, Editor-in-Chief, Network18, added a little more clarity to the discourse on the 30% tax on crypto assets, or, as the FM had said in her Budget 2022 speech on Tuesday, "virtual digital assets".
Responding to a question on whether the government is looking to table a bill to regulate crypto currency, Sitharaman first sought to clarify the Centre's stance on these crypto assets. "From the time of tabling the Budget in the Parliament, I have tried to draw this distinction between 'privately generated crypto assets' and what can be a digital currency," Sitharaman said, adding: "Private people

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The Finance Minister further said, "It would be
Sitharaman said that was why the government told the Parliament--in the Budget speech- that the central bank would issue a digital currency, dubbed 'Digital Rupee'. She said the government seeks to impose a 30% tax on crypto deals because people are making profits from them. "What happens outside , because there are transactions with a certain kind of profit, we decided to tax it,' she said. She further said the name for the  digital currency would be decided by the Union cabinet.
On the much-discussed cryptocurrency bill, the finance minister said there is no clarity at the moment. "As far as a
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