Blockchain & crypto news from India
India is set to take a very big and decisive step in crypto regulation. The Indian government is planning to release a discussion paper that highlights its stance on the cryptocurrencies. The paper is set to be released before the month of September. The statement was released by Senior Finance Ministry Official Ajay Seth. In…
At an event organized in New Delhi, RBI Governor Shaktikanta Das shared his views on cryptocurrencies, their nature and the threat posed to India’s economy. According to him, the perceived value of cryptocurrencies is nothing and is “make-believe”. RB Governor Shaktikanta Das pointed to the fact that there is no underlying value in cryptocurrencies. He…
IndiaTech.org, an organization representing the startup and internet-based businesses in India, has asked for the current crypto TDS rates to be brought down from 1% to 0.01%. The recommendation aims to create a suitable amendment to this effect in the next Union budget of India. Virtual digital assets are now taxed heavily in India, attracting…
With consultations ongoing for the approaching India budget 2023-24, the newly formed Bharat Web3 Association has submitted its recommendation to lower the high crypto taxes introduced this year in April. As per media reports, the Association members are expected to meet Ministry officials or those of the CBDT soon. Beginning this financial year, India had…
The year 2022 has been a roller-coaster ride for crypto investors and holders in India. The beginning of the new financial year in April brought into place two slabs of taxation that have reportedly brought down trading transactions. Binance’s CZ recently described the overall crypto environment as not a “very crypto-friendly environment” at a conference…
Gaurav Mehta, CEO of Catax, a new service that specializes in crypto taxation in India, shares with Blockmagic some of the major aspects of the new policy of crypto taxation in India in terms of what needs to be done. From being banned outright to heavily taxed, crypto trading has seen major ups and downs…
The pilot project for India’s own digital currency or digital rupee will be launched in 2022. Though yet to be named, the pilot project joins a list of over a hundred countries who are in different phases of implementing their national digital currencies. As per RBI’s deputy governor T. Rabi Sankar, the CBDC will be…
Re-emphasizing the stand of the government on the legality of crypto, Nirmala Sitharaman, the Finance Minister of India has once again cautioned cryptocurrency investors against investment in any such cryptocurrency.
The IT department can make PAN (permanent account number) compulsory for crypto investors. This would be in line with the Demat account guidelines for equity transactions.
In a recent speech given on March 2, 2022, RBI deputy governor, T Rabi Sankar, elaborated on the concept of cryptocurrencies, their nature, and arguments for and against a ban in India. Excerpts from the speech published on the RBI website. Why were cryptocurrencies created? “Some people felt that intermediation by banks is avoidable. Either…