India’s Financial Secretary T. V. Somanathan has reaffirmed that the Cryptocurrency in the country is not illegal but must operate in the regulations set.

In an interview with Bloomberg Daybreak: Middle East, Somanathan clarified that investors can still trade with different digital assets even though countries that impose Crypto tax.

According to government officials, transactions in Cryptocurrency are not recommended, but Th

And not financial market transactions because of its fluctuating nature.

However, Somanathan expressed uncertainty in the prospect of general crypto regulations stating that the country would not ‘jump a gun,’ but the current focus was on taxation.

Following 30% tax guidelines, there is speculation that this country is in line with the legalization of Cryptocurrency. In particular, direction might indicate the framework of the future crypto regulatory in the country after years of speculation.

In announcing the tax regulation, Indian Finance Minister Nirmala Sitharaman admitted that there had been ‘phenomenal improvement’ in Crypto transactions, the need for the tax regime would be.

The intention to set Crypto is not a total ban
Initially, the government was considering truly prohibiting the crypto sector to quote threats to macroeconomic factors and financial stability. Therefore, it can be said that direction, such as the tax law, shows the intention of the state to regulate the space instead of the total ban.

Overall, institutions such as the Reserve Bank of India (RBI through the Governor of Shaktikanta DAS) have maintained ‘serious and large’ concerns about Cryptocurrency.

Somanathan also noted that the country is likely to examine international Crypto regulations before rolling up the framework itself.

As reported by Finbold, India Prime Minister Narendra Modi called for global cooperation and a general approach to handling the challenges posed by Cryptocurrency.

Modi emphasizes that no country individually regulates the crypto sector. Previously, the Prime Minister had stated that Cryptocurrency raised a challenge for investors while warning that assets like Bitcoin were threats to younger generations.