The answer to your question “Is Crypto Banning In India” is no, cryptocurrencies are not being banned in India.
The Indian government has not banned cryptocurrencies. The Reserve Bank of India has issued a warning against the risks associated with cryptocurrencies and cautioned investors to invest at their own risk.
Cryptocurrency is not illegal in India. It is just unregulated, which means that there are no laws and regulations governing the use of cryptocurrency in India.
Recent Post: How Much Money Can You Make Mining Bitcoin In 2021?
As per the upcoming rules, crypto investors will have to pay a 30 percent tax on their profits. For instance, if one invests Rs 1,00,000 in a crypto, and sells it at Rs 1,50,000. The investor needs to pay tax on the profit which is Rs 50,000 rather than paying tax on the total amount.
Taxes will be paid in fiat currency. Therefore, it is very vital for all crypto investors to keep track of the crypto gains and losses of every virtual digital asset before April 2022.
The move by the Indian government towards taxation is a progressive step towards encouraging digitalization and enhancing India’s vision for a $5 trillion economy.
Related Post: Crypto Tax in India Explained: How much you may have to Pay?
Conclusion:
Is Crypto Banning In India?
- No, cryptocurrencies are not being banned in India
- Is cryptocurrency is legal in India, yes, but no laws that govern its use in India
- 30 percent tax on profits you earn by investing in crypto
- Taxes will be paid in fiat currency
- India’s vision for a $5 trillion economy
Create an account on WazirX by clicking on the button below.
Without question, one of the best ways to learn any skill is to study those who have already found massive success.
Unknown
wpDiscuz
