Opposition calls for law to regulate cryptocurrency
The Hindu
In LS, Congress says govt. is sending mixed signals on virtual digital assets and demands clarity
In the Lok Sabha, while debating the Finance Bill, Opposition members on Friday stressed the need for a legal framework to regulate virtual digital assets such as cryptocurrencies that can be misused to finance terror and narcotics smuggling.
Opening the debate, Congress member Gaurav Gogoi said the government was sending mixed signals on virtual digital assets and demanded clarity on the definition of crypto.
“I expect the policy to come out sooner than later... crypto is a risk at the moment,” Mr. Gogoi said, noting that virtual digital assets should not become a preferred route for money laundering, drug smuggling or crime.
Supriya Sule of the NCP demanded a ban on crypto, saying various committees had suggested so and questioned the imposition of 30% tax on capital gain out of virtual digital assets when there was no legislation on them (digital assets).
Danish Ali of the Bahujan Samaj Party (BSP) also asked the government to clarify its position on cryptocurrency whether it was legal or not.
The rise in prices of fuel was another issue that was taken up by the Opposition members.
“For one month, they could keep the prices stable. What has changed now?...Just because [five State Assembly] elections are over. That’s how you repay the people who put you back to power,” Mr. Gogoi said.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
Indian stock markets closed lower amid volatility, with key firms lagging as global trends influenced trading activity.
Bharti and Warburg Pincus invest in Haier India, acquiring a 49% stake to enhance growth and innovation in consumer durables.
India's net FDI remains negative for October 2025, with outflows surpassing inflows amid trade deal uncertainties.
Bombay High Court halts fraud notices to Anil Ambani, questioning banks' compliance and the audit's validity.
Explore the key business events that defined India in 2025, from trade wars to regulatory reforms and corporate expansions.
The rarely-used eight-unit Fisk power plant owned by Houston-based NRG Energy was scheduled to retire next year. But then came from artificial intelligence.
The rupee gains 12 paise to 89.51 against the U.S. dollar, buoyed by RBI's liquidity support.
In a recent conversation with Dwarak Rajagopal, Head of AI Research at Snowflake, what stood out was not optimism or scepticism, but maturity.
Explore how India's export landscape is increasingly dominated by a few states, revealing regional disparities and structural challenges.