- Shaktikanta Das, the RBI governor, was the focus of MP Misra’s attack.
- Pinaki Misra criticized the government’s current position on digital assets.
It’s no secret that the Indian government has been wary about cryptocurrencies‘ potential impact. Even Pinaki Misra, a country lawmaker, says that the government has created uncertainty surrounding digital asset investments. However, he adds that the existing tax implication has made many think that trading cryptocurrencies are a sin. MP Misra said that attempting to outlaw cryptocurrency is equivalent to outlawing the internet altogether.
By imposing a 30% tax on earnings, the government of India has already given contradictory signals to investors about the future of cryptocurrency in the nation. As a Member of Parliament, Pinaki Misra criticized the government’s current position on digital assets.
Anticipated Measures Required
Shaktikanta Das, the Reserve Bank of India (RBI) governor, was the focus of MP Misra’s attack. He brought out that Governor Das previously referred to cryptocurrency as “hot air,” and now the government wants to tax it 30%. According to MP Misra, who spoke about the government’s tax slab on digital asset profits, a 30% charge is much more than the tax paid on equities gains. A thousand times more than the industry recommends, the TDS rate is one percent.
According to him, the public has come to believe that cryptocurrency trading is a sinful activity due to governments’ muddled judgments. Therefore, a much-anticipated measure should be brought up for consideration by the standing committee, according to MP Misra. He further stated that if the government uses this strategy, they need to assemble a qualified group of people to create the legislation, or “this bill is going to be a disaster.”
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