Nirmala Sitharaman clarified that India welcomes blockchain technology while prioritizing transparency in crypto transactions. The government recently applied a tax penalty of 70% on unreported crypto, aiming to curb tax evasion and improve reporting.
As stringent regulations prompt many traders to relocate abroad, India has suffered an estimated loss of 6000 crore INR in tax revenue. Sitharaman urged for a global regulatory framework to tackle cryptocurrency issues, reflecting a broader international movement.