“Ban On Crypto Equivalent To Banning Internet”- Says Indian Lawmaker

The Indian government has always looked hesitant towards the adoption of cryptocurrency. Even Country’s Lawmaker Pinaki Misra believes that the administration has created confusion regarding investing in digital assets. While he also states that the current implication of tax has made people believe that dealing in cryptocurrency is a ‘sin’. MP Misra discussed that thinking of banning crypto is just equivalent to banning the internet.

India wants to tax ‘Hot Air’

The government of India is yet to decide the fate of Cryptocurrency in the country and by imposing a 30% tax on gains it has already sent some mixed signals towards the investors. Pinaki Misra, Member of Parliament, openly criticised the government’s take on the future of digital assets till now.

Today thinking to limiting cryptocurrency is the equivalent of banning the internet. It is an idea whose time has come now, said MP Pinaki Misra

MP Misra targeted Shaktikanta Das, RBI governor, who is in charge of issuing the Central Bank Digital Currency (CBDC). He mentioned how in the past governor Das has called crypto a ‘hot air’ and now the government wants to collect a 30% tax on that ‘hot air.’

1% TDS is 1000x higher than suggested

Talking about the government-decided tax slab on the gains from digital assets, MP Misra said that 30% duty is way more than levied on equity gains. 1% Tax Deducted at Source (TDS) is a thousand times higher than what is suggested by the industry.

It’s symptomatic of complete confusion in the minds of the government unfortunately as far cryptocurrency is concerned, said MP Pinaki Misra

He alerted that governments’ confused decisions have sent a notion among the public that dealing in cryptocurrency is some sinful activity.

However, MP Misra urged the administration to introduce that much-awaited bill to the standing committee. And he concludes by saying that, If they (government) are going by this approach then they must get a proper task force of professionals in drafting the bill otherwise ‘this bill is going to be a disaster.’

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]