In the breaking news about the cryptocurrency sector, the Indian government has moved forward in its relationship with crypto by adopting a new tax regime. From now on, India will not treat crypto trading as an illegal activity and tax virtual assets at the same rate as winnings from gambling.
In an interview with Bloomberg TV, India’s finance secretary, T. V. Somanathan, points out that buying and selling of cryptocurrencies remain in the grey area but it’s no longer outlawed in the country.
Somanathan informs that the government has already put in a tax framework, which treats crypto profits the same way as winnings from horse racing or sports betting, and other gambling activities. The tax rate is set at 30%.
For several years, the Indian virtual currency market has been growing at extensive rates. Some experts, however, believe that the high tax rate may limit the number of crypto trades.
The Indian government is also working on the full regulation of virtual assets. According to Somanathan, the future of crypto legislation is an ongoing debate. For now, the authorities aren’t planning to rush the crypto law.
The Reserve Bank of India also plans to introduce its digital currency on April 1, 2022. It, however, won’t be recognized as a legal tender.
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