Nirmala Sitharaman's strong warning against cryptocurrency --Here is what crypto investors should know

New Delhi: Re-emphasising the government's stand on the legality of cryptocurriency, Finance Minister Nirmala Sitharaman has once again warned crypto investors against investment in any such crypto.

Union Finance Minister Nirmala Sitharaman during her address at an event organized by the BJP Economic Cell, strictly warned the people that cryptocurrency is not a currency. She also reminded investors to proceed with caution on cryptocurrencies, adding that a new law on cryptocurrencies will be brought soon.

”…please — Caution is the word. So I think all of us will have to share our thoughts and move with a bit of caution on this. There is immense possibility when you’re talking about the technology, but how and where and what trajectory it takes is something which all of us will have to be concerned about and watch for,” Sitaraman had said.

It may be noted that the Indian government does not recognise cryptocurrencies, but levies a 30 per cent tax on income earned from such virtual digital assets.

Finance Minister Nirmala Sitharaman has been making a strong case for global regulation of cryptocurrencies to tackle the risks of money laundering and terror funding.

With PTI Inputs