Govt does not understand crypto, hence the strict regulations: Priyanka Chaturvedi

During the parliamentary proceedings on the Union Finance Bill 2022, Shivsena MP Priyanka Chaturvedi asked the government to rethink the recently introduced crypto tax regime.

Chaturvedi started her address by pointing out the fact that the government has not provided any clarity on the legal status of cryptocurrencies in India, yet they have introduced a flat 30 per cent tax and TDS on cryptocurrencies. 

The Shivsena MP went on to say that the government does not understand cryptocurrency and Web3 and hence has taken an antagonistic stance on it.

She further added that this happened in the past too when the Internet was booming. The government of India was unable to provide an enabling ecosystem for Indian talent, and hence missed out on innovation.

The member of Parliament concluded her speech by saying “We are living in the world of web 3.0, either we choose to bite the bullet or we dodge the bullet.”

The crypto community appreciated the MP’s address and commended her for taking a stance against the regressive approach the Government of India has opted for. Sumit Gupta, CEO of CoinDCX expressed his appreciation in a tweet.

Kashif Raza, crypto educator and influencer also commended the MP for her stance in a Tweet.

Nischal Shetty, co-founder of WazirX also took to Twitter to show his support.

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