In a conversation with Forkast released on Tuesday, Indian lawmaker Sushil Kumar Modi discussed his thoughts on cryptocurrencies. Modi is a member of the Rajya Sabha, India's parliament's upper chamber.
He reportedly gained attention after asking the Indian authorities to tax crypto revenue over 30% before Rajya Sabha passed the Finance Bill 2022. According to the report, the Indian authority should charge up to 50% of crypto revenue.
Apart from proposing a 50% tax on crypto revenue, Modi also proposed a 28% goods and services tax (GST) on the whole coin transaction value, rather than the current 18% GST on the service offered by crypto platforms. "GST should be on the total transaction value," he said, citing examples of betting, horse racing, casinos, and lotteries.
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The parliamentarian then made a comparison between cryptocurrency and conventional investing. He noted that although equities have corporations backing them, "nobody recognizes who is behind these cryptos." The congressman highlighted that "we need to dissuade and discourage people" from investing in the asset class.
He said that the Indian authority is planning on cryptocurrency law and would have to clarify if cryptocurrency is an asset, a commodity, a stock, a good, or a service anytime soon. According to the lawmaker, the Indian authority should address crypto laws with the International Monetary Fund (IMF) and the World Bank.
The Governor of England central bank, Andre Bailey, addressed cryptocurrency while talking at a “Stop Scam” event organized by the bank on Monday.
He explained that cryptos are topping in criminal activities, noting that the currency offers opportunities for bad actors.
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In his speech, Bailey also charges tech firms and government bodies to collaborate with the Bank of England in its quest to halt frauds, which he believed is a “never-ending" task.
He also blamed some crypto users for helping Russia avoid the restrictions placed on the country for invading Ukraine.
Earlier this week, the British authorities revealed a thorough strategy to establish the United Kingdom as a worldwide crypto powerhouse.
"We believe that by making our nation more crypto-friendly, we can entice more investors and create swaths of new employment... ... unleash a flood of ground-breaking innovative products," said John Glen, the Treasury's economic secretary.
