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India’s central bank and finance ministry agree on new rules for cryptocurrencies

The country’s finance minister, Nirmala Sitharaman, said the finance ministry and the Reserve Bank of India, RBI, are in agreement with the new rules for cryptocurrencies framed in the budget proposal and including taxes.

“The RBI and the government are in agreement. Discussions are ongoing. Even before the budget discussions were ongoing and will continue. Whatever discussion the government or the Reserve Bank takes, it happens only after discussions between them,” Sitharaman told a press conference after addressing the RBI central board.

He added:

“We were all having discussions before the budget. And we will continue to have the discussions. And whatever decisions are taken on this, obviously because it has a very serious problem, it’s a central bank digital currency of some kind, of some form, some shape, some color, some description, so obviously it will be because we both have had enough consultations.”

New rules in India

India’s new crypto rules, expected to be formalized in March, were announced as part of the annual budget speech on Feb. 1.

The proposals include a 30% tax on any income from the transfer of virtual digital assets, a first for the nation. In addition, a deadline is given for introducing the digital rupee (the central bank digital currency, CBDC, India) by April 2023 and a 1 %. tax deducted at source (TDS) on any transaction.

With these new statements, the minister downplayed any concerns about a difference of opinion between the central bank and the ministry. He added that we have been “respecting each other’s domain, also knowing what we have to do with each other’s priorities and in the interest of the nation.”

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