Indian Minister Makes Second Crypto Declaration, Who Knew Politics and Bitcoin Mixed?

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In a move that can only be described as “crypto transparency meets political flair,” Indian Union Minister Jayant Chaudhary and his wife, Charu Singh, have once again revealed their digital currency investments, proving that politicians are getting more tech-savvy by the day-whether we like it or not. For the second year running, the minister has declared his cryptocurrency assets in his mandatory asset report, because what’s a politician without a little blockchain drama? 🧐

According to The Indian Express, Chaudhary, who oversees the ever-important Skill Development & Entrepreneurship, has reported a modest INR 21,31,630 (that’s about $24,173.47 for those of us who prefer numbers with commas). Meanwhile, his wife, Charu Singh, has disclosed a slightly higher sum of INR 22,41,951 ($25,424.55). All funded from their personal savings, but as usual, the specifics of which crypto coins they’ve been playing with remain a well-kept secret. Perhaps it’s a ‘mystery bag’ of coins? 💰🤷‍♂️

These details were proudly shared on the Prime Minister’s Office (PMO) website, part of the annual asset and liability disclosures that are as thrilling as a tax return but with more power suits. Now, get this: last year, in June 2024, their crypto holdings were INR 17.9 lakh ($20,300.57) for Chaudhary and INR 19 lakh ($21,547.44) for Singh, showing a neat 19% and 18% increase in their ‘play money.’ Looks like crypto’s been kind to them. 🙌📈

Speaking of how this all came to be, Chaudhary, who joined the Modi government in June 2024 (oh, the timing!), explained to The Indian Express that these “old investments” had simply been “carried over.” In other words, these weren’t hot new picks for their portfolio, just the leftovers from a time when they thought 2-3% of their portfolio in crypto was “highly speculative”-because who wouldn’t put a tiny chunk of their money into a volatile digital asset, right? He added, rather proudly, that crypto “fits my wide range in portfolio with large investment in art as well.” So, don’t worry, folks-this is clearly an investment strategy for the ages. 🖼️💸

But wait, there’s more! Chaudhary’s asset declarations go beyond crypto. He also boasts INR 33.23 crore in immovable assets (like land, you know, those real-world things you can walk on) and INR 14.51 crore in movable assets (that’s investments, folks, not your average car or boat). Charu Singh, meanwhile, has INR 2.15 crore in immovable assets and INR 9.54 crore in movable assets. Safe to say, they’re not hurting for cash. 💁‍♂️

Crypto in India: Not Exactly the Government’s Best Friend Yet

But, just so you know, not everyone in India is as bullish on crypto as Chaudhary and Singh. While traditional assets like land or stocks are regulated, cryptocurrencies are about as freewheeling as a scooter in Mumbai traffic. The Reserve Bank of India (RBI) has issued a fair share of warnings about the financial, legal, and security risks of virtual digital assets (VDAs)-because who needs stability when you can have digital chaos? 😬

In fact, during the Monsoon Session (yes, that’s a real thing), Finance Minister Pankaj Chaudhary told the Lok Sabha that the government doesn’t actually collect crypto data, but-surprise!-it still taxes the income from those pesky VDAs under the Income Tax Act. You didn’t think you were escaping taxes just because you were dealing in pixels, did you? 😏

And as if that’s not enough, the government has mandated that companies report their crypto holdings. Since March 2023, VDA transactions have been swept under the ominous umbrella of the Prevention of Money Laundering Act (MLA), which means you better make sure your crypto dealings are squeaky clean. The RBI has even told banks to enforce stricter know-your-customer (KYC) and anti-money laundering (AML) rules. So, it’s safe to say crypto’s got more eyes on it than a Bollywood scandal. 🎬👀

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2025-09-09 18:37