Head of the Inland Revenue Service of India: Tax on cryptocurrencies does not mean their legalization

The head of the Internal Revenue Service of India noted in a recent speech that the imposition of a 30% income tax on income gains in the crypto sphere does not make cryptocurrency transactions legal.

According to the head of the department, J. B. Mohapatra, the country’s intention to introduce a tax on income from crypto assets, which we recently wrote about, is not a prerequisite for the legalization of cryptocurrencies. It's about getting additional income to the treasury, as well as tracking activities in the cryptosphere.

The legalization of digital assets in India, according to Mohapatra, will be possible only if the Parliament proposes clear rules for regulating activities in this area.

Recall that the history of cryptocurrencies in India is very similar to the plot of a Bollywood movie. There are a lot of prohibitions and passions, and in the end, the authorities still do not risk completely banning cryptocurrencies. This is a huge and very promising market. Therefore, according to experts, it is better to control it, rather than keep it under a ban.

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CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.

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