HomeCryptocurrencyBitcoinReport: Indian Government Considers Tax on Bitcoin Purchases

Report: Indian Government Considers Tax on Bitcoin Purchases

-

 by Wolfie Zhao

Indian officials have been meeting for months to develop a legal framework for digital currencies, forming a special task force in April to study the issue and develop possible options. The question of legality for the tech under Indian law has been subject to speculation in the past, especially following public statements that, at one point, were interpreted as a blanket ban on bitcoin.

Regional news service The Hindu reports that new details on that process are emerging, including the possibility of taxes. Notably, according to one official’s account, the topic of banning cryptocurrencies was indeed broached during a recent meeting – but in the end, the proposal received little support.

The official told the publication:

“Banning will give a clear message that all related activities are illegal and will disincentivize those interested in taking speculative risks, but it was pointed out it will impede tax collection on gains made in such activities and that regulating the currency instead would signal a boost to blockchain technology, encourage the development of a supervision ecosystem (that tracks legal activities and may also assist in tracking illegal activities) and promote a formal tax base.”

Trading activity may also come under the jurisdiction of the Securities and Exchange Board of India (SEBI), which regulates the country’s securities market.

Ultimately, according to The Hindu, bitcoin and other cryptocurrencies may come to been viewed as kinds of digital assets under Indian law.

Sourced from Coindesk

LATEST POSTS

Cyprus registers Binance as a cryptocurrency service provider.

Binance, a cryptocurrency exchange, will be able to provide services for virtual currencies in Cyprus as a result of the platform's recent registration with the...

More than 24,000 ATMs in Brazil will offer USDT through Tether and Smartpay.

Usdt, the largest dollar-pegged stablecoin on the market, was created by Tether, a company. Tether recently announced that more than 24,000 ATMs in Brazil will...

To solve the blockchain modularity issue, Celestia raises $55 million.

The project Celestia, which seeks to address the alleged centralization issue in the current monolithic blockchains, has announced the completion of its most recent funding...

Hong Kong considers removing the “Professional Investor-Only Requirement” and allowing retail investors to trade cryptocurrency.

Securities and Futures Commission (SFC) of Hong Kong's director of licensing and head of the fintech division both confirmed that the regulator is taking into...

Follow us

13,033FansLike
3,702FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img