Nirmala Sitharaman explains tax on digital assets, crypto and RBI's digital currency – YouTube

Nirmala Sitharaman explains tax on digital assets, crypto and RBI's digital currency

  • Video Views: 166937
  • Published On: 2022-02-01 19:22:17
  • Video Published/Author: Times of India
  • Video Duration: 00:01:44
  • Source: Watch on YouTube

Finance minister Nirmala Sitharaman, in her post-budget media interaction, made it clear that a currency is a currency only when it is issued by a Central Bank even if it is a crypto. FM Sitharaman said that if profits are being made through transactions of digital assets, then it will be taxed at 30%.

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  1. We should not accept crypto as a currency. It is not regulated. It is international. What if lets say there are 10 nodes on the chain, 9 of them decide to fund talibs in Afghanistan? What will the remaining 1 node do? It will have to obey what the majority of the nodes say. Then what the duck is the point of a country, if the currency is not gonna be regulated by the country but by some random thousand nodes on the blockchain, which not necessarily make decisions based on India's interests? God knows where and which computers these nodes are located on! Why a US or Canada or EU person must regulate the transaction that an Indian makes to another Indian? Suppose there is a drug peddling group, active in the golden triangle. And that company has access to a node on the blockchain to request for some transaction to be made. Suppose for India that transaction would be detrimental. But most nodes from the west approve the transaction. Majority wins, that transaction takes place. How would you make sure India's interests are taken care of? What is the point of countries if you don't believe in their currencies. The entire crypto shit is super volatile. You invest in Tata Motors you know what Tata motors does, and you're guaranteed about it. But crypto is super volatile, due to demand supply trends in the market. Abhi 3 months mein you're getting 6% interest, humongous profits. No big bank or stock or mutual fund gives you what crypto can give. You've got millions of people curious about what sort of thing crypto is, but the suppliers are just a few, maybe bitcoin, ethereum, solana, cardano, ripple, etc. All these suppliers also are western. When supply will go up and demand will be constant, the drop will be so huge one would not be able to imagine. Read articles, learn things about how crypto is a huge source of terror and money laundering. Learn from China, read why these rich non-NATO nations are outrightly banning crypto. They consider crypto to be a big problem for their domestic economy, manipulated by western sly people.

  2. A Thought for Today :
    "Solar power, wind power, the way forward is to collaborate with nature – it's the only way we are going to get to the other end of the 21st century."
    BJORK *
    "One that would have the Fruit must climb the Tree."
    Courtesy: The Times of India
    Kolkata Wednesday November 25,2020.

  3. Stocks shares etc all are private,volatile and subject to market risk..cryptos are private,volatile and subject to market risk..same right…no..major difference is that crypto market owned by new generation ceos and shares,stocks by traditional companies like tata, Ambani ,Adanis..good work nirmala ji..

  4. अमीरों की सरकार है ये में भी मोदी भगत था पर अब से में मोदी भगत नहीं साला हर बार गरीबों की कमर तोड़ता है 30% टैक्स लेगा cripto में आजके बाद में बीजेपी को वोट नहीं दुगा अगर मेरे पास को बीजेपी का कोई नेता वोट मांगने आयेगा तो में उसको जूते से जरूर मरुगा

  5. move the funds to international exchanges and wallets.. and dont convert to inr until they come to their senses… this 30% scare tactics is to discourage ppl from using crypto.. and they are shitscared of losing control ..

  6. I know the tax is ridiculous. But you have to understand that cryptocurrency will be recognized in India which is a huge step forward. I stay in Ontario, Canada and guess what it is banned here.

  7. This is too high , 30%(+) will be a death blow to majority of crypto traders in this country .
    By this move , crypto will be reserved exclusively for the rich to become richer while the middle class people will suffer the most.
    Apart from that 30% tax , there is also a 1% TDS which will make life hell for intra day traders .
    This govt. is too greedy for money …
    They should start begging , it will suit them better!

  8. Nirmala why are you looting again from the public ?? 30% tax is too much . Corrupted politician will always exploit the citizen in whatever way they can . im really upset with this Retard govt policy . atleast 5 to 10% is ok.Hope this govt is not elected in the next election

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