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The Indian authorities plans to tax cryptocurrencies

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India plans to tax cryptocurrencies

The Indian authorities are planning to introduce taxation of bitcoin exchanges and transactions with digital assets instead of banning cryptocurrencies. It is reported by The Economic Times.

According to sources, this decision does not mean that cryptocurrencies are recognized as a full-fledged asset class. The authorities consider it prudent to tax profit-making activities, the newspaper added.

By the end of 2021, the Reserve Bank of India (RBI) plans to test its own digital currency, according to journalists.

At the same time, Indian cryptocurrency exchanges launched advertising campaigns and distribution of digital assets for the festival season that started on September 10, writes ET. This is how the trading platforms plan to attract new retail investors.

Recall that on September 7, former RBI Deputy Governor Rama Subramaniam Gandhi said that digital assets in India should be taxed depending on how they were acquired.

In June, the media learned about the plans of the country’s authorities to introduce a 2% tax on cryptocurrency bought on foreign exchanges. In July, journalists reported on the possibility of introducing an additional 18% tax on foreign trading platforms.

In January, a bill was introduced to the Indian parliament to ban cryptocurrencies. However, the document was never submitted. In June, Bloomberg announced plans by the country’s government to consider regulating the digital asset class.

At the end of 2020, Chainalysis estimated the number of crypto investors in India at 15 million people, and the value of their assets at $ 38.8 billion.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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