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India wants to remove cryptocurrency business from the underground, imposing its with tax

Neironix
May 24, 2018 12:00 AM
1 142 Views
India wants to remove cryptocurrency business from the underground, imposing its with tax

According to anonymous sources, the exchange of cryptocurrency will now be equated to " non-material goods", which means that those who are engaged in services related to the sale of these goods should be taxed, according to the logic of the Indian authorities.

Today, there is no official cryptocurrency legislation in India, as in most countries. However, attempts to introduce it don`t cease for several months. In particular, Central Bank of the country has been repeatedly performed with the initiatives about the limitations of the new market.

Last month, the Reserve Bank imposed a ban on working with cryptocurrency entrepreneurs to regulated financial institutions. However, crypto-exchanges continue to open.

A new initiative on the tax burden largely legalize the market of digital money.

Earlier, the Indian leaders has already made attempts to impose taxes on cryptocurrency traders, demanding information on their income.

Note that the previously outlined trend in the opposition of the authorities of different countries to the development of the crypto-currency market has recently fade away. More often you can hear that now the officials and parliamentarians of the States want to make the crypto market a natural part of the economy with all the rights and responsibilities for the participants of the new market, which come in connection with removing from underground to legal activities.