Indian Minister of Skill Development and Entrepreneurship Jayant Chaudhary and his wife Charu Singh have disclosed their crypto investments in annual asset reports.
Minister's Asset Declaration
Minister Jayant Chaudhary has declared his crypto assets for the second consecutive year. According to details shared on the Prime Minister's Office website, he reported crypto assets worth Rs 21,31,630 (approximately $24173.47), while his wife Charu Singh reported Rs 22,41,951 (approximately $25424.55) in crypto holdings. The investments were made from personal savings, but the specific cryptocurrencies were not named.
Growth of Crypto Assets
The reports indicate that Chaudhary's crypto assets grew by 19% from Rs 17.9 lakh ($20300.57) in June 2024, and his wife's assets saw an 18% increase from Rs 19 lakh ($21547.44). Chaudhary noted that these investments are "old investments which have just been carried over."
India's Crypto Market
Cryptocurrencies are not regulated in India, and the Reserve Bank of India (RBI) has warned of financial, legal, and security risks associated with virtual digital assets. Finance Minister Pankaj Chaudhary stated that the government does not collect crypto data but taxes income from virtual digital assets under the Income Tax Act. Since March 2023, virtual digital asset transactions have been covered by the Prevention of Money Laundering Act.
The declaration of crypto investments by the minister and his wife demonstrates a growing interest in cryptocurrencies in India, despite the lack of clear regulation and warnings from financial institutions.
