Indian Bitcoin Industry Seeks Audience with the Government Ahead of New Rules
An industry group of Indian bitcoin and blockchain-startups have sought an audience with the government as the latter looks to plausibly outline a regulatory framework for the innovation. The Indian government established a cryptocurrency ‘committee’ last week, one comprising of a number of officials from Indian ministries alongside representatives from the country’s central bank to research the framework surrounding digital currencies. The committee was notably co-established by the Ministry of Finance, India’s tax authority. Pertinently, the committee is tasked toward looking into....
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The cryptocurrency bill that was listed to be taken up in the current session of parliament is reportedly being reworked. The government seeks wider consultation on crypto before finalizing the rules to govern digital currencies in India.
Indian Government Seeks More Consultation on Proposed Crypto Legislation
India’s cryptocurrency bill is unlikely to be introduced in the current session of parliament. The bill is not on the list of business to be taken up in the last week of the winter session of parliament, Bloomberg reported Monday, noting that the government can....
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....
An Indian industry association has written to the country’s finance minister seeking clarity on cryptocurrency taxation in Union Budget 2022-23. “The budget should ideally offer coherent rules on direct taxation and the GST Council should detail the applicability of taxation, else there will be confusion.”
Industry Wants Clarity in Crypto Tax Laws in Union Budget 2022-23
Indian industry association Indiatech has written to the country’s finance minister, Nirmala Sitharaman, regarding cryptocurrency taxation. The association represents major....
The Indian government is reportedly considering taking “the ordinance route” to quickly pass the cryptocurrency bill. “The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance,” a local news outlet detailed. Indian Government Seeks to Quickly Pass Crypto Bill All eyes are on what the government of India will do with the cryptocurrency bill that is listed to be introduced in the current session of parliament. The bill seeks to ban cryptocurrencies while creating a framework for the official digital currency....
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....