Nirmala: India not against Blockchain but want Crypto Transparency

Days aft announcing a steep 70% punishment connected unreported crypto gains, India’s Finance Minister Nirmala Sitharaman said that the Indian authorities is not against blockchain exertion but would privation “transparency successful crypto transactions.”

Sitharaman was speaking astatine the Budget Round Table 2025 amusement organized by India Today TV successful New Delhi connected Tuesday. When asked whether the government’s stance connected crypto has changed aft U.S. President Donald Trump openly adopted crypto assets, Nirmala said her authorities is not against distributed ledger exertion (DLT). 

“We person ever said we are not against Distributed Ledger Technology (DLT), but we request to cognize wherever transactions are happening, which is wherefore we brought successful TDS and TCS,” said Nirmala.

During the talk, writer Rahul Kanwal brought up however India’s pugnacious stance has forced 97% of crypto-trading Indians to determination offshore. He besides pointed retired that the state has mislaid an estimated Rs 6000 crore successful taxation gross from TDS alone, arsenic galore Web3 entrepreneurs person packed up and relocated to places similar Dubai and the UAE, wherever regulations are acold much favorable.

With erstwhile U.S. President Donald Trump openly backing crypto and adjacent launching his coin, Kanwal asked if this planetary displacement had made the Indian authorities rethink its position.

Nirmala added, “We followed it up during the India’s presidency connected G20 should beryllium a planetary knowing connected however to modulate oregon however to tackle the issues of trading oregon cryptocurrency, we took it to the G20 at  a wide-ranging consultation IMF, FSB and immoderate benignant of advancement person happened nether the Brazilian presidency.”

Sensing that she hadn’t answered his question, Kanwal pressed again: “Are you rethinking your attack to crypto regulation, particularly present that Donald Trump is embracing it? There seems to beryllium a wide opposition betwixt however Washington D.C. and New Delhi are handling this.”

At this point, Sitharaman looked visibly frustrated and unopen down the treatment with, “We are India. I volition deliberation astir India.” And conscionable similar that, she moved on, making it wide she wasn’t consenting to speech astir the taxable immoderate further.

Also Read: 70% Tax Penalty for Unreported Crypto Gains successful India