India's finance minister wants to wait for final decision on cryptocurrencies

And once again, a senior Indian politician is making sure that the legal status of cryptocurrencies in the second most populous country in the world remains unclear with new statements.

As part of a parliamentary discussion in the Indian "Bundestag" Rajya Sabha , Finance Minister Nirmala Sitharaman said that she currently "neither wants to ban nor allow" cryptocurrencies . The question of a ban or legalization only arises when all sides have been heard and all the information necessary for the decision-making process has been taken into account.

In this context, however, India's finance minister also emphasizes that the state "has a sovereign right" to tax income from cryptocurrencies. The levying of taxes would be completely independent of whether the asset class is legally recognized or not. The Indian tax office had already made a similar statement this week when it confirmed that the taxation of cryptocurrencies is by no means equivalent to legalization .

India has recently been a hot topic of conversation when it comes to crypto regulation, when rumors of a supposed ban surfaced again at the end of 2021. This threatening backdrop seems to be off the table at first , because the relevant draft law is not up for negotiation in the foreseeable future. Meanwhile, the Indian government is working on launching its own central bank digital currency (CBDC), which could possibly see the light of day as early as 2023 .

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