close

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

Yuvraj Malik
Bitcoin
Premium

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
Or

Also Read

Bitcoin @ $22,000: Should you dump gold for the crypto? Your query answered

Bitcoin hits another high at $29,000, value quadruples in 2020

Clarity on bitcoin

Bitcoin price seen topping $50,000 over long term as it vies with gold

Explained: The rise and rise of Bitcoin; India investment rules

Turkish lira slums toward record low on central bank woes, yen gains

Rupee depreciates 3 paise to Rs 72.56 against US dollar in early trade

Rupee becomes only Asian currency to gain in month of sweeping losses

Rupee appreciates 25 paise amid rising FPIs, declining bond yields

Rupee inches 5 paise higher to 72.88 against US dollar in early trade

First Published: Mar 23 2021 | 10:48 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to read more on Business-Standard.com