Days after unveiling a jaw-dropping 70% penalty on unreported crypto gains, India’s Finance Minister Nirmala Sitharaman claimed that the government isn’t opposed to blockchain technology but demands “transparency in crypto transactions.” 🌐🔍
Speaking at the Budget Round Table 2025, hosted by India Today TV in New Delhi, she addressed questions about whether the stance on crypto had shifted since former U.S. President Donald Trump (yes, him! 😂) openly embraced crypto assets.
“We’ve never been against Distributed Ledger Technology (DLT),” Nirmala assured, with the conviction of someone who just discovered what it means. “But we need to know where transactions are happening, which is why we introduced TDS and TCS.”
Journalist Rahul Kanwal didn’t hold back, highlighting that India’s draconian crypto policies had driven 97% of Indian crypto traders offshore. This tough stance has cost the country an estimated Rs 6000 crore in tax revenue, as many Web3 entrepreneurs have set up shop in crypto-friendly havens like Dubai and the UAE. 🌴💸
FM Nirmala Sitharaman’s take on crypto assets. Watch in. #BudgetRoundtable2025 #Budget2025 |
@nsitharaman @rahulkanwal @sahiljoshii @sakshibatra18 @szarabi— IndiaToday (@IndiaToday) February 4, 2025
With Trump giving crypto a bear hug and even launching his own coin (what could go wrong? 😂), Kanwal questioned whether global shifts had prompted a softening of India’s stance.
Nirmala recounted, “During India’s presidency at the G20, we advocated for a global consensus on regulating or addressing cryptocurrency trading issues. We engaged in extensive consultations with the IMF, FSB, and achieved some progress under Brazil’s leadership.”
Sensing a non-answer, Kanwal pressed on: “Are you reconsidering your crypto regulation approach, especially now that Trump is cheerleading it? There’s a stark contrast between how Washington D.C. and New Delhi are handling this.”
Clearly annoyed, Sitharaman snapped, “We are India. I will think about India.” And with that, she briskly moved the conversation elsewhere, signaling her complete refusal to discuss the matter further. 🎤🗑️
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2025-02-04 15:49