Indian Finance Minister: Indian Government 'Continuously Monitoring' Crypto Industry

Indian Finance Minister Nirmala Sitharaman revealed that the government is “continuously monitoring” and “focusing on the crypto industry.” Referring to her budget speech, she noted that the crypto tax will be implemented before the central bank, the Reserve Bank of India (RBI), issues its digital currency. "We have a team that is constantly monitoring, watching the crypto industry and listening to people from the region who are giving me feedback," she said at the India Today Budget Roundtable 2022. In addition, the finance minister said that the Reserve Bank of India (RBI) is working on the issuance of a central bank digital currency (CBDC), the digital rupee. However, she clarified that crypto taxation will be implemented first. In his budget speech last week, the finance minister proposed a 30 percent tax on cryptocurrency income, with no deduction allowed except for the cost of acquisition.