Shaktikanta Das, the RBI governor, was the center of MP Misra’s attack. Pinaki Misra criticized the government’s current stance on digital assets.
It’s no secret that the Indian government has been wary of the potential impact of cryptocurrencies. Even Pinaki Misra, a country legislator, says the government has created uncertainty over investments in digital assets. However, he adds that the existing tax implication has led many to think that trading cryptocurrencies is a sin. MP Misra said attempting to ban cryptocurrency is tantamount to banning the internet altogether.
By imposing a 30% tax on revenues, the Indian government has already sent conflicting signals to investors about the future of cryptocurrency in the nation. As an MP, Pinaki Misra criticized the government’s current stance on digital assets.
Expected Actions Required
Shaktikanta Das, the governor of the Reserve Bank of India (RBI), was the focus of MP Misra’s attack. He brought up that Governor Das previously called cryptocurrency “hot air” and now the government wants to tax it 30%. According to MP Misra, who spoke about the government’s tax bracket on the profits of digital assets, a 30% levy is much more than the tax paid on stock profits. 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 because of the confused judgments of governments. That is why a long-awaited measure must be submitted to the standing committee, according to MP Misra. He further stated that if the government uses this strategy, it must gather a qualified group of people to make the legislation, otherwise “this bill will be a disaster”.