Key Takeaways:
- Indian MP Priyanka Chaturvedi has criticised the Government for placing high tax on crypto gains
- Chaturvedi attacked the Finance Minister during the discussions on Union Finance Bill 2022
- India has imposed a 30% tax on all crypto gains, although its legal status is still unclear
YEREVAN (CoinChapter.com) – During the parliamentary proceedings on the Union Finance Bill 2022 this week, Indian Member of Parliament Priyanka Chaturvedi criticized the Government for its unfriendly attitude towards cryptocurrencies. According to Chaturvedi, who represents the Shiv Sena political outfit, India’s attitude towards crypto will eventually result in an exodus of talent from the country.
This is the first time a lawmaker has made a strong defense of cryptocurrencies on the house floor. As a result, she has won the hearts of the Indian crypto community.
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Chaturvedi asks Government to define crypto before taxing
Earlier this year, the Indian Government announced a massive 30% tax on crypto gains. However, as bizarre as it may seem, the Finance Ministry is yet to classify crypto or provide clarity on its legal status. According to Chaturvedi, India is the only country that has brought a crypto tax before tabling a crypto bill.
Hitting back at Finance Minister Nirmala Sitharaman, the lawmaker did not mince her words. Sitharaman is the person behind the notorious decision to slap a high tax on digital assets and NFT holdings.
“She is the only Finance Minister who admits to not knowing if cryptocurrency is legal or illegal, but still wants to tax it,”
she said.
This is not the first time Chaturvedi has spoken in support of cryptocurrencies. She has appeared in several programs and has written extensively, calling on the Government not to ban crypto in the country.
Her latest attack came when her colleague Sushil Modi asked the Finance Minister to increase the crypto tax from the current already high 30%.
Modi, who represents the ruling Bharata Janata Party (BJP), faced a lot of slack for misrepresenting data from various countries to back his argument.
Criticizing Modi, the Shiv Sena MP said his anti-crypto stance is backed by his ignorance of emerging technologies and web 3.0.
“When the computer came to India, such people came out to oppose it. They claimed it would render the country’s youth jobless. However, it had the reverse effect. Now Indians lead several of the tech-related multinational companies in the world. Just because we don’t understand it yet, we cannot call something bad,”
she argued.
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Chaturvedi is the new face of cryptocurrency in India
Owing to her passionate argument in defense of crypto, other house members accused her of holding digital assets. However, she set the record straight by clarifying that she has no vested interest and does not hold any crypto. According to her, she speaks in support of investors and not the Government.
Her timely intervention has made Priyanka Chaturvedi an overnight star among the crypto community. Her party, the Maharashtra-based Shiv Sena, is a former alliance partner of the ruling BJP. After the fallout, they have been taking a dig at one another at every opportunity.
Meanwhile, the crypto community hopes her speech will have a ripple effect, and more parliamentarians will join her. India is a large market, and favorable conditions for the crypto trade are essential.
