INSUBCONTINENT EXCLUSIVE:
Its not illegal to buy and sell crypto," Finance Secretary TV Somanathan said.The Indian government said it doesn't treat trading in crypto
Somanathan said in an interview to Bloomberg Television
income from the transfer of virtual assets at 30% -- effectively removing any uncertainty about the legal status of such transactions.The
steep tax rate on crypto could dissuade trades that have been soaring in India despite the central bank's warnings about the risks of
money laundering, terrorist financing and price volatility
The government is working on a legislation to regulate cryptocurrencies and the proposed law will have to be cleared by India's Cabinet
won't jump the gun on regulation and would stick to taxing any income that is earned from such transactions, he said.While private virtual
coins will not be a legal tender, the Reserve Bank of India plans to launch its digital currency in the year starting April 1, which will
usher in cheaper, more efficient currency management, according to the government.
