India looks to tax cryptocurrency exchanges and trades – report ...News

The authorities in India are considering taxing cryptocurrency trades and ecosystem in the country, news website ET Now reported on Monday, citing its sources. According to people familiar with the matter, the government feels that an activity that generates income should be taxed. The country’s tax department favors taxing cryptocurrency exchange and trades, but that doesn’t mean that they would be categorized as a valid asset class, the media said. Former Reserve Bank of India Governor Rama Subramaniam Gandhi said last week that cryptocurrencies must be regulated as an asset or commodity in India and governed by existing laws. He add

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