“They are in a gray area. They are not illegal. It’s not illegal to buy or sell crypto assets in India,” said India’s finance secretary. cryptocurrency bitcoin $BTC
India Confirms 'It's Not Illegal to Buy or Sell Crypto' — Government Will Consult Widely on Crypto Regulation
He was asked on Bloomberg Television Wednesday whether the proposed taxation means cryptocurrency will be legalized in India. “Crypto assets, we don’t call them cryptocurrencies. Crypto assets are currently neither illegal nor are they encouraged,” he replied, adding: “But, we have now put in a taxation framework that treats crypto assets the same way that we treat winnings from horse races, or from bets or from other speculative transactions,” he continued. “So it’s being taxed at the same rate as speculative transactions and not at the same rate as financial market transactions.”
Commenting on crypto regulation, Somanathan emphasized, “We are not going to jump the gun on crypto regulation but we are going to make sure that any income that is earned is liable to taxation.”What will happen to the future regulation of crypto? That’s an ongoing debate. But I think the government’s approach is to consult widely and also to look at what’s happening internationally in terms of crypto regulation.
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