India is arguably ready to start regulating the crypto ecosystem by imposing taxation on trades and exchanges.
News website ET Now tweeted on Monday that the Indian government is considering taxing cryptocurrency exchanges and the industry in the nation.
#ETNOWExclusive | Sources tell ET NOW's @29_ruchibhatia that the govt is looking to #tax #cryptocurrency trades and ecosystem in the country. Listen in for more details#BTC #Bitcoin #crypto @FinMinIndia @PMOIndia @IncomeTaxIndia pic.twitter.com/e4O4AS3XXI
— ET NOW (@ETNOWlive) September 13, 2021
The cabinet is reportedly likely to take up the cryptocurrency measure shortly, with the tax agency reportedly advocating regulating all revenue-generating activities, including crypto exchanges and trades.
ET Now’s Ruchi Bhatia has gotten actionable intel that the Indian government is planning to tax cryptocurrency exchanges and the ecosystem, however, the Indian government has yet to clarify this.
Govt sources tell me that @FinMinIndia is looking to tax cryptocurrency trades, ecosystem in the country. Govt feels any activity that generates income must pay tax in India. Cabinet to soon take up bill on cryptocurrency.
— Ruchi Bhatia (@29_ruchibhatia) September 13, 2021
The Indian government has long planned on the regulation of the crypto industry. At this time different countries are taking different approaches to aid the transition from traditional finance to the incorporation of crypto as innovation and upgrade of the global economic and financial system.
Also read: Ronald Stoeferle: the Price of Bitcoin Will Rise to Insurmountable Levels