Indian Finance Minster spoke about crypto in parliament – Katoch Tubes

Indian FM updated on Crypto developments

The Parliament Session

The Finance Minster of India Nirmala Sitharaman addressed the parliament, updating them on crypto developments.

Crypto policies 

FM stated that the crypto policies are under development and the crypto ecosystem is being studied by the GOI.

Probe against Exchanges

907 cr have been seized under money laundering act and 290 cr under FEMA. 12 Crypto exchanges are probed for GST evasion.

India's growth in FY23

The government of India also stated that India is bound to grow at a rate of 6.8% & will be the fastest growing nation.

Introduction of GST

The govt. is also planning to introduce GST on cryptos starting next year. The discussions are in process.

RBI against Crypto

RBI has a strong stand against cryptocurrencies. Acc. to it, crypto will disrupt the economy and also result in money laundering.

Statement from FM

Finance Minister of India while addressing the Lok Sabha stated that RBI wants to ban crypto but need global support from the nations.

Where is crypto heading?

Crypto industry crashed from $3 trillion to $870 billion this year. There's no sign of recovery and things will take longer to recover.

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