Beautiful Virgin Islands

Tuesday, Jun 03, 2025

India to Tax Cryptocurrency Trades, Modi Cabinet to Take Up Bill Soon: Report

India to Tax Cryptocurrency Trades, Modi Cabinet to Take Up Bill Soon: Report

The Indian government is expected to consider a bill prohibiting all private cryptocurrencies and allowing an official digital currency to be issued by the Reserve Bank of India (RBI) very soon, as the latter had flagged serious concerns over expanding transactions in the virtual currencies.

The Indian government is looking to tax cryptocurrency trades and their ecosystem in the country, a financial news media outlet, ET Now, reported on Monday citing unnamed sources.

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, according to ET Now.

Last week, RBI governor Shaktikanta Das had raised “major concerns” about cryptocurrencies.

“The central bank has conveyed its ‘serious and major concerns’ about cryptocurrencies to the government and now it will have to decide on how to deal with the proliferation of such platforms.”
Shaktikanta Das
Governor, Reserve Bank of India



On 31 May this year, the Reserve Bank of India advised that banks as well as other regulated entities may continue to carry out customer due diligence processes in line with all the regulations that are being implemented on any other financial services in the country. This suggests that any investors who are receiving income from their crypto-currency transactions (from India or overseas) will have to pay tax under the current tax laws.

In April 2018, the RBI banned banks from supporting crypto transactions after cases of fraud involving virtual currencies were reported. However, the Supreme Court of India struck down the ban in March 2020. Among the reasons cited was that cryptocurrencies were not illegal albeit unregulated in India.

The RBI, however, has not yet granted legal tender status to Bitcoin or any other cryptocurrency.

Despite repeated concerns by the RBI regarding cryptocurrencies, trading in the assets surged to $6.6 billion in May, compared with $923 million in April 2020, according to Chainalysis, a blockchain data platform which provides data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
China Accuses US of Violating Trade Truce
Panama Port Owner Balances US-China Pressures
France Implements Nationwide Outdoor Smoking Ban to Protect Children
German Chancellor Merz Keeps Putin Guessing on Missile Strategy
Mandelson Criticizes UK's 'Fetish' for Abandoning EU Regulations
British Fishing Boat Owner Fined €30,000 by French Authorities
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
×