G20 summit 2023: Recent instability in the crypto market prompted a call for global coordination on regulation to avoid the anti-digital asset sentiment and fend off attempts to ban or restrict digital currencies in some countries.
A spate of crypto meltdowns has erased tens of billions of dollars of investors’ assets and sparked urgent calls to regulate the freewheeling industry.
There's bad news for people who deal in cryptocurrencies in India. Buying and selling cryptocurrencies in India may soon be illegal as a government committee has made that recommendation.
Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said today.
Financial sector watchdogs and government agencies will soon get into a huddle to prepare a framework to safeguard gullible investors and clamp down on fraudsters, PTI reported.
Various teams of I-T sleuths today visited the premises of nine such exchanges in the country including in Delhi, Bengaluru, Hyderabad, Kochi and Gurugram, since early morning.
Depending on whether they are categorised as business income or capital gains, Bitcoin trading and proceeds from its divestment could attract 20 to 30 per cent tax.
Creation, trading or usage of virtual currencies as a medium for payment are not authorised by any central bank or monetary authority, the RBI said.
Coimbatore: RBI on Saturday cautioned people about bitcoins, virtual currency which has risen sharply in value in the past few months, but said any regulation on it would come only after it understood the subject.There
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