The government’s decision to tax crypto is nonsensical and absurd, says Subramanian Swamy

Finance Minister Nirmala Sitharaman, presenting the Union’s 2022-2023 budget, announced that all profits from digital assets, including cryptocurrency, will be taxed at 30 percent. And the government’s decision to tax crypto has sparked debate about the rationality of the decision, mainly among crypto enthusiasts. But former MP and well-known economist Subramanian Swamy has said in an exclusive chat with Business Today that imposing a 30 percent tax on crypto is nonsensical and absurd.

“She [government] Don’t acknowledge it at first, but you say you’ll tax it, which is absurd. Either you recognize it or you don’t recognize it. If you don’t realize it, then go after them, but you say no to whatever they deserve – which means you allow them to earn [those] Income – and if you tax the income, how can you still call it illegal?” said Swami.

According to him, the government’s stance of supporting blockchain technology but being against crypto is the same as being pro-a car but not the steering wheel.

“When civilization started or people started to advance, the first thing he started with was bartering, then after some time this gold coin came, then paper money, but it had a gold backing. Then we now have a total of paper currency. Now it’s back to barter again because the transactions are between the two of us and no money is physically exchanged. This is our computer age. It’s a computerized version of the Bartar system in old age,” Swamy pointed out.

Swamy actually believes that crypto is the future. He further highlighted the pitfalls of a crypto tax at this stage. According to him, the tax rate not only acts as a deterrent, but can also lead to talent flight from the country.

“If you don’t let it [crypto] then people will do it in black. And it will also lead to a flight of talent from our country,” Swamy said. The government’s decision to tax crypto is nonsensical and absurd, says Subramanian Swamy

Jaclyn Diaz

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