The law on taxation (30%) of crypto traders has come into force in India. Such strict legislation has provoked a sharp decline in the activity of exchange users.
The head of the Ministry of Finance of the country, Nirmala Sitharaman, has said that cryptocurrencies can be used in criminal schemes.
The minister has spoken at a seminar held under the auspices of the International Monetary Fund and has pointed out the risks posed by digital currencies. According to her, such instruments can be used to finance terrorism.
All states where the use of digital currencies is growing are in the risk zone. The only way out of this situation is to implement regulatory legislation.
She has said:
“Regulation has to be so skillful that there are no ways around it, and it has to be at the top of the whole process.”
