{"id":18051,"date":"2025-10-07T02:45:16","date_gmt":"2025-10-07T02:45:16","guid":{"rendered":"https:\/\/tezgyan.com\/index.php\/2025\/10\/07\/not-banned-but-not-backed-either-piyush-goyal-explains-indias-stance-on-cryptocurrencies-cryptocurrency-news\/"},"modified":"2025-10-07T02:45:16","modified_gmt":"2025-10-07T02:45:16","slug":"not-banned-but-not-backed-either-piyush-goyal-explains-indias-stance-on-cryptocurrencies-cryptocurrency-news","status":"publish","type":"post","link":"https:\/\/tezgyan.com\/index.php\/2025\/10\/07\/not-banned-but-not-backed-either-piyush-goyal-explains-indias-stance-on-cryptocurrencies-cryptocurrency-news\/","title":{"rendered":"‘Not Banned, But Not Backed Either\u2019: Piyush Goyal Explains India\u2019s Stance On Cryptocurrencies | Cryptocurrency News"},"content":{"rendered":"


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Last Updated:<\/span>

Union Commerce Minister Piyush Goyal on Monday, October 6,\u00a0 clarified that the Indian government neither promotes nor bans cryptocurrency<\/h2>\n
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Commerce Minister Piyush Goyal. (Piyush Goyal\/X)<\/p>\n<\/figure>\n

Union Commerce Minister Piyush Goyal on Monday, October 6,\u00a0 clarified that the Indian government neither promotes nor bans cryptocurrency but has chosen to regulate it primarily through heavy taxation. \u201cWe have not been encouraging cryptocurrency, which does not have sovereign backing or is not backed by assets like the federal bank or local currency,” Goyal told news agency ANI during his two-day visit to Doha, where he is leading a business delegation to boost trade and investment ties between India and Qatar.<\/p>\n

Government\u2019s stance on crypto<\/h3>\n

Goyal stressed that India\u2019s focus is on protecting investors and maintaining financial stability. \u201cAs far as cryptocurrency, which is not backed by the Central Government, while there is no ban as such, we are taxing it very heavily. We don\u2019t encourage it because we don\u2019t want anybody to be stuck at some point with a cryptocurrency that has no backing and nobody at the backend,” he said.<\/p>\n

The minister clarified that the government\u2019s priority lies in developing a sovereign digital currency \u2014 a digital rupee backed by the Reserve Bank of India (RBI). This proposed CBDC will be designed for faster transactions, reduced paper consumption, and blockchain-enabled traceability to ensure transparency and compliance.<\/p>\n

\u201cIndia has also announced that we will be coming out with a digital currency, which will be backed by an RBI guarantee like regular currency. Our idea is that this will make transactions easier, faster than the banking system, and traceable,” Goyal added.<\/p>\n

Heavy taxation on non-backed crypto<\/h3>\n

India has imposed a 30% tax on income from the transfer of virtual digital assets (VDAs) \u2014 including cryptocurrencies and NFTs \u2014 announced in the Union Budget 2022-23. The tax applies irrespective of whether the investor makes a profit or incurs a loss elsewhere in their portfolio.<\/p>\n

Additionally, a 1% Tax Deducted at Source (TDS) applies to all crypto transactions above \u20b910,000, effective July 1, 2022, to help track crypto activity and ensure compliance. Losses from the sale of VDAs cannot be offset against any other income, further tightening the tax regime.<\/p>\n

Goyal\u2019s remarks underscore India\u2019s cautious approach to cryptocurrency while focusing on building a sovereign, regulated digital rupee that combines the benefits of blockchain with government-backed security.<\/p>\n

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\"Aparna<\/figure>\n

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Aparna Deb<\/a><\/p>\n

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a…Read More<\/span><\/p>\n<\/div>\n<\/div>\n

Aparna Deb is a Subeditor and writes for the business vertical of News18.com. She has a nose for news that matters. She is inquisitive and curious about things. Among other things, financial markets, economy, a… Read More<\/span><\/p>\n<\/div>\n<\/div>\n

Click here<\/a> to add News18 as your preferred news source on Google. Stay updated with all the latest business news, including market trends<\/a>,\u00a0stock updates<\/a>,\u00a0tax<\/a>, IPO,\u00a0banking finance<\/a>, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. Also Download the\u00a0News18 App<\/a> to stay updated.<\/span><\/div>\n
First Published:<\/span><\/p>\n
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October 07, 2025, 08:13 IST<\/p>\n<\/div>\n<\/div>\n

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Last Updated:October 07, 2025, 08:14 IST Union Commerce Minister Piyush Goyal on Monday, October 6,\u00a0 clarified that the Indian government neither promotes nor bans cryptocurrency Commerce Minister Piyush Goyal. (Piyush Goyal\/X) Union Commerce Minister Piyush Goyal on Monday, October 6,\u00a0 clarified that the Indian government neither promotes nor bans cryptocurrency but has chosen to regulate…<\/p>\n","protected":false},"author":1,"featured_media":18052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[],"class_list":["post-18051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/18051","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/comments?post=18051"}],"version-history":[{"count":0,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/18051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media\/18052"}],"wp:attachment":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media?parent=18051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/categories?post=18051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/tags?post=18051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}