DEA Secretary says consultation paper on crypto almost ready; to be submitted soon

A consultation paper on cryptocurrencies has been finalised and it will be submitted soon, said Economic Affairs Secretary Ajay Seth.

A lot of consultation has been done from both domestic and other participants, Seth said on the sidelines of an event organised by the Finance Ministry, as per the report by news agency PTI.

As per the PTI report, Seth also said that a global response is needed to deal with the challenges posed by crypto.

On the economy, Seth said despite the challenging environment, India would still be the fastest-growing large economy globally.

In the Union Budget presented earlier this year, Finance Minister Nirmala Sitharaman had introduced a tax on trading in cryptocurrencies and related assets like non-fungible tokens (NFTs) at a flat rate of 30% and additionally 1% of tax would also be deducted at source (TDS) when any such transaction takes place.

There are an estimated 15 million to 20 million crypto investors in India, with total crypto holdings of around $ 5.34 billion.

No official data is available on the size of the Indian crypto market.

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