Crypto News India Budget 2023: India’s Union minister of state for electronics and information technology Rajeev Chandrasekhar on Thursday gave an important statement about crypto operations in the country. The country had in the recent years tightened its stance on crypto market trading and other digital asset activities. In 2022, the country’s administration imposed tough taxation on crypto related activities. Ahead of the country’s annual budget session that is set to begin on February 1, 2023.

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‘Nothing Outlaws Crypto In India’

In a latest, India’s IT minister Rajeev Chandrasekhar said nothing stands in way of crypto activity in a legal standpoint. The comment could mean a great deal in clearing speculation about the possibility of a blanked ban on crypto in India. However, it remains to be seen if such a ban would be placed on specific activities around cryptocurrencies. Also, the upcoming Union annual budget could perhaps bring in changes or relaxations to the crypto tax slabs.

“There is nothing today that outlaws crypto as long as you follow the legal process. If you want to invest in crypto, make sure you go through the RBI, get your LRS eligibility, the dollars as per rules.”

India’s Plans Of Banning Crypto

Adding to the concerns of Indian crypto enthusiasts, recent reports speculated about the possibility of India’s role in regulating crypto in context of the country leading the G20 group. On similar lines, the country’s central bank had in the past expressed its reservations in allowing crypto transactions. Recently, the Reserve Bank of India (RBI) reaffirmed its stance saying that cryptocurrencies are highly volatile and exhibit high correlations with the equity market. More importantly, the RBI’s Financial Stability Report said the country was exploring the possibility of prohibiting crypto.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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