Binance Sees Record Increase in Indian Users After Government Starts Imposing...
The number of Indian users on cryptocurrency exchange Binance has soared after the Indian government began levying taxes on crypto transactions. Meanwhile, daily trading volumes at some major India-based cryptocurrency exchanges are down over 90% since the new tax rules took effect. Binance Sees Record Number of Indian Users The number of Indian user sign-ups soared on global crypto exchange Binance after a 1% tax deducted at source (TDS) went into effect in July, Bloomberg reported Tuesday. The number of Binance app downloads in India jumped to 429,000 in August, the....
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Bitcoin, a currency that is immune from governmental controls is seeing plenty of interest in India, a country still reeling from an unprecedented cash crunch that sees over a billion people face government-imposed limits on ATM and bank withdrawals. The move to demonetize 500 and 1000 rupee banknotes – a month ago to this day – meant that 86% of Indian cash in circulation was rendered obsolete overnight. The comprehensive reform sees everyday Indians’ lives disrupted as the Indian government struggles to replace old banknotes with new notes in the face of soaring demand. While the....
The Indian government is reportedly considering imposing a 28% goods and services tax (GST) on all crypto transactions. “Currently tax is levied only on the part of the services provided by crypto exchanges. Subjecting the whole transaction to tax at a higher slab of 28% could give the markets a free fall,” one tax expert warned.
Council Mulls Over 28% GST on Crypto Transactions
India’s Goods and Services Tax (GST) Council will soon make a decision on whether to expand the scope of applicable transactions and levy a 28% GST on all services and activities....
The Indian government has clarified its position on cryptocurrency and the country’s digital currency in answers provided by the Ministry of Finance in Rajya Sabha, the upper house of India’s parliament. The Indian crypto industry sees this clarification as positive news and that the government is unlikely to impose an outright ban on cryptocurrencies, including bitcoin. Indian Government Answers Questions About Cryptocurrency and Digital Rupee Rajya Sabha, the upper house of India’s parliament, published a list of questions and written answers on Feb. 2 that include the....
The move is viewed by some as a sign the Indian government is warming up to cryptocurrencies.
Ever since the Indian government listed a cryptocurrency bill to be taken up in parliament during the upcoming session that starts next week, much debate has transpired about whether the government will ban cryptocurrencies, such as bitcoin and ether.
Crypto Regulation Is Coming but There Are Conflicting Accounts About What Is In It
Indian crypto legislation is drawing near. The Indian government has listed a cryptocurrency bill to be taken up in Lok Sabha, the lower house of India’s parliament, for the winter session which starts on Monday, Nov. 29.
The bill....