India Plans To Tax On Cryptocurrency Trading !

Reserve Bank of India Governor Shaktikanta Das recently said that the RBI has conveyed its “serious and major concerns” over virtual currencies (VCs) to the government. The so-called concerns over cryptocurrency are misplaced at best and smack of the central bank’s statist approach at worst. The Indian government is looking to tax cryptocurrency trades and ecosystem in the country. The tax department is in favour of taxing crypto exchanges and trades and the government feels that any activity that generates income must pay tax. The news comes at a time when there is a raging debate over how to treat cryptocurrencies. The RBI has also said that it will launch a pilot of its digital currency by the end of this year.