India Will Treat Crypto As Asset, Here's the Explanation!
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India Will Treat Crypto As Asset, Here’s the Explanation!

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India Will Treat Crypto As Asset, Here’s the Explanation!

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Hello Indodax members! How are you? I hope you are all right.

After yesterday, I discussed about one of the top universities in USA that allow crypto to pay for college tuition fee. Today, I want to talk about exciting news from India. Are you curious ? Let’s read this article to the end!

So guys, in 2018, the Indian government had proposed a ban on the use of privately-made crypto asset (such as Bitcoin, Ethereum, etc.). Not only that, there is even a prison sentence of up to 10 years for people who store and use crypto asset as a means of payment

Three years ago, India’s then Finance Minister Arun Jaitley stated emphatically that the Indian government would not want to recognize crypto as a legal tender and would take all steps to prohibit crypto being used as a means of payment. This comes after a series of scams that occurred in 2018. Because of this, local financial regulators have decided to ban crypto transactions. But in fact, the regulation only lasted for two years because, in March 2020, the Supreme Court of India also canceled the policy.

The good news is, guys, the Government of India is reportedly considering creating and defining crypto as an asset/commodity the same as in Indonesia.

One of the Indian Ministry of Finance Officials said they will make a law that will potentially discuss crypto asset in February 2022. If this law comes to fruition, it will undoubtedly be a step forward for India because eventually, there will be regulations governing crypto asset. The Ministry of Finance of India is collaborating with the Reserve Bank of India to work on this regulation

With the label of crypto as an asset or commodity, according to Indian law, there may be taxes for investors and exchangers in that country. The local tax department is also considering taxing crypto income through crypto trading or exchanges.

 

So, after reading the article above, what do you think? With more and more countries concerned about legalizing crypto, will this increase the number of crypto investors? Let’s write the answer in the comments column. Oh yes, for those of you who have not registered yourself at Indodax, you can visit this link.

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