{"id":49338,"date":"2021-09-13T14:54:38","date_gmt":"2021-09-13T11:54:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=49338"},"modified":"2025-09-02T12:12:37","modified_gmt":"2025-09-02T09:12:37","slug":"india-plans-to-tax-cryptocurrencies-instead-of-banning-them","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/india-plans-to-tax-cryptocurrencies-instead-of-banning-them\/","title":{"rendered":"India plans to tax cryptocurrencies, instead of banning them"},"content":{"rendered":"<p>Authorities in India are set to introduce taxation on bitcoin exchanges and on transactions involving digital assets, rather than a ban on cryptocurrencies. <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/government-favours-taxing-cryptocurrency-trades-et-now\/articleshow\/86161593.cms\">The Economic Times<\/a> reports.<\/p>\n<p>According to sources, this move does not amount to recognizing cryptocurrencies as a bona fide asset class. The authorities consider it reasonable to tax profit-seeking activity, the publication added.<\/p>\n<p>By the end of 2021, the Reserve Bank of India (RBI) plans to pilot its own digital currency, according to journalists.<\/p>\n<p>Meanwhile, Indian cryptocurrency exchanges have launched advertising campaigns and airdrops for the festival season that began on 10 September, <a href=\"https:\/\/economictimes.indiatimes.com\/markets\/cryptocurrency\/exchanges-plan-ad-blitz-for-festival-crypto-gold-rush\/articleshow\/86155934.cms\">ET<\/a> reports. Such campaigns are aimed at attracting new retail investors.<\/p>\n<p>On Sept. 7, former deputy RBI governor Rama Subramaniam Gandhi <a href=\"https:\/\/u1f987.com\/en\/news\/former-rbi-deputy-governor-explains-rationale-for-taxing-cryptocurrency-transactions\">stated<\/a> that digital assets in India should be taxed depending on how they were acquired.<\/p>\n<p>In June, the media learned of plans to impose a 2% tax <a href=\"https:\/\/u1f987.com\/en\/news\/media-reports-india-plans-to-impose-a-2-tax-on-cryptocurrency-bought-on-foreign-exchanges\">on cryptocurrency bought on foreign exchanges<\/a>. In June, journalists reported the possibility of imposing <a href=\"https:\/\/u1f987.com\/en\/news\/media-india-to-levy-18-tax-on-foreign-cryptocurrency-exchanges\">additional 18% tax<\/a> for foreign trading platforms.<\/p>\n<p>In January, India\u2019s parliament introduced a bill <a href=\"https:\/\/u1f987.com\/en\/news\/indian-parliament-to-consider-bill-banning-cryptocurrencies\">proposing a ban on cryptocurrencies<\/a>. However, the document was never presented. In June, Bloomberg reported that the government planned to consider <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-india-to-revisit-bill-banning-cryptocurrencies\">the regulation<\/a> of the digital asset class.<\/p>\n<p>According to Chainalysis<a href=\"https:\/\/u1f987.com\/en\/news\/chainalysis-records-surge-in-indian-residents-cryptocurrency-investments\">estimated<\/a> the number of crypto investors in India stood at 15 million, and the value of assets owned by them was $38.8 billion.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news in our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the near term, Indian authorities plan to tax bitcoin exchanges and transactions involving digital assets, instead of banning cryptocurrencies. The Economic Times reports.<\/p>\n","protected":false},"author":1,"featured_media":49339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[278,36,558],"class_list":["post-49338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-india","tag-regulation","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=49338"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49338\/revisions"}],"predecessor-version":[{"id":49340,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/49338\/revisions\/49340"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/49339"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=49338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=49338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=49338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}