Adani Enterp. 2522.95↓-11.10(-0.44%)
Adani Ports 736.55↓-0.95(-0.13%)
Apollo Hospitals 4687.00↑46.55(1.00%)
Asian Paints 3146.10↑8.70(0.28%)
Axis Bank 933.65↑3.85(0.41%)
B P C L 361.25↓-0.45(-0.12%)
Bajaj Auto 4603.00↓-15.50(-0.34%)
Bajaj Finance 6966.35↑34.30(0.49%)
Bajaj Finserv 1445.00↓-4.55(-0.31%)
Bharti Airtel 818.60↓-2.65(-0.32%)
Britannia Inds. 4590.05↑14.80(0.32%)
Cipla 956.10↓-0.15(-0.02%)
Coal India 244.40↓-1.70(-0.69%)
Divi's Lab. 3463.10↓-14.75(-0.42%)
Dr Reddy's Labs 4515.70↓-40.55(-0.89%)
Eicher Motors 3692.00↓-19.45(-0.52%)
Grasim Inds 1723.00↑9.70(0.57%)
H D F C 2683.95↓-6.60(-0.25%)
HCL Technologies 1140.90↑14.70(1.31%)
HDFC Bank 1634.85↓-0.65(-0.04%)
HDFC Life Insur. 571.35↓-7.70(-1.33%)
Hero Motocorp 2784.40↑7.50(0.27%)
Hind. Unilever 2659.45↑9.15(0.35%)
Hindalco Inds. 412.65↓-7.25(-1.73%)
ICICI Bank 947.00↓-1.15(-0.12%)
IndusInd Bank 1288.50↑3.55(0.28%)
Infosys 1315.00↑0.60(0.05%)
ITC 450.10↑1.00(0.22%)
JSW Steel 706.00↑3.80(0.54%)
Kotak Mah. Bank 1971.80↑18.60(0.95%)
Larsen & Toubro 2213.20↓-11.35(-0.51%)
M & M 1329.15↓-1.00(-0.08%)
Maruti Suzuki 9379.90↑46.40(0.50%)
Nestle India 21575.00↓-154.45(-0.71%)
NTPC 176.50↑0.20(0.11%)
O N G C 157.95↓-1.05(-0.66%)
Power Grid Corpn 235.00↑0.50(0.21%)
Reliance Industr 2525.00↑4.40(0.17%)
SBI Life Insuran 1211.35↓-6.75(-0.55%)
St Bk of India 593.80↓-1.20(-0.20%)
Sun Pharma.Inds. 957.50↓-10.95(-1.13%)
Tata Consumer 791.80↓-2.45(-0.31%)
Tata Motors 519.10↓-2.35(-0.45%)
Tata Steel 107.50↓-0.95(-0.88%)
TCS 3308.20↓-12.15(-0.37%)
Tech Mahindra 1103.15↓-10.90(-0.98%)
Titan Company 2811.20↓-1.05(-0.04%)
UltraTech Cem. 7922.00↑81.45(1.04%)
UPL 688.10↓-1.90(-0.28%)
Wipro 403.05↑3.25(0.81%)

India's proposed ban on cryptocurrencies not in line with major countries

In most major countries and blocs, regulators treat cryptocurrencies as assets and gains in these are taxed like financial transactions

Premium

6 min read Last Updated : Mar 24 2021 | 11:43 AM IST

India’s impending regulations on cryptocurrencies, which in all likelihood will not be favourable, have spurred a comparison with laws in other countries. Sure, bitcoin and cryptocurrencies are a Western phenomenon (which the Chinese caught onto) and it is understandable that friendly regulations have been behind their organic growth.

An overview reveals that in most major countries and blocs, regulators treat cryptocurrencies as assets and gains in these are taxed like financial transactions. Moreover, crypto-related business entities are often licensed by local financial regulators in line with defined conditions.

Recently, bitcoin was back in the limelight after it’s price zoomed 4x to $60,000, mostly because it received extraordinary interest during the Coronavirus (Covid-19) pandemic, when regular investment asset classes (debt and equity) slumped. Also during the Covid-19 pandemic, several major firms like Sqaure and Tesla rev