Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. PM Narendra Modi had earlier held a meeting on cryptocurrencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
Revenue Secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
In a virtual address at the Sydney Dialogue, PM Modi said the digital age is changing everything as it has redefined politics, economies and societies and has raised new questions on sovereignty, governance, ethics, rights and security.
Against this backdrop, Prime Minister Narendra Modi, on Saturday, held a meeting on the crypto currencies with senior officials and indications are that strong regulatory steps could be taken to deal with the issue.
The parliamentary panel was chaired by BJP leader Jayant Sinha, discussed the pros and cons of crypto finance with various stakeholders, and several members were in favour of regulating crypto-currency exchanges rather than imposing an outright ban on crypto-currencies, according to sources.
The Supreme Court in early March 2020 had nullified the RBI circular banning cryptocurrencies.
Amit Shah had assured Karnataka Chief Minister that the party will take care of these leaders and see to it that they are tamed and warned.
The crypto stakeholders and govt have reached a consensus that such advertisements are misleading youths and must be curbed.
In the meeting, it was felt that attempts to mislead young investors through over-promising and non-transparent advertising must be prevented.
Bitcoin and ethereum -- the two most popular forms of cryptocurrency -- both reached new record highs Tuesday morning, with the price of bitcoin rising above $68,000 for the first time and ethereum topping $4,800.
Bitcoin prices surged above $61,000 on Friday after slipping to its lowest level in over a week
Over the past few years, retail and institutional investors are willing to invest in cryptocurrency for both - long-term and short-term - profits. However, investing in the crypto market comes with its own share of risks and challenges.
Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.
Chinese banks were banned from handling cryptocurrencies in 2013, but the government issued a reminder this year. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks.
Here are some of the popular mobile app-based brokers that you can use in order to invest in cryptocurrency.
Cryptocurrency Investment: Diversification of the portfolio is a risk management strategy that mixes a wide variety of investments.
Rapper Raftaar has become the first Indian artiste to accept cryptocurrency instead of actual currency as performance fee.
The latest directive comes against the backdrop of some banks and regulated entities citing the circular and cautioning customers against dealing in virtual currencies.
Musk said that the electric car maker will not sell any bitcoin and intends to use bitcoin for transactions as soon as mining moves to more sustainable energy.
Facebook CEO Mark Zuckerberg recently shared a picture of his pet goats on the social media platform. It wasn't just the animals but also their names that caught our attention. Interestingly, he has named the two of them as-- Max and Bitcoin. As soon as he shared the post, it caught the attention of not just the Netizens but also Bitcoin investors who took the move as an endorsement of the cryptocurrency.
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