Good crypto and bad: Defining, regulating and taxing this world

There are over 7,000 recognised cryptocurrencies in existence as of November 2021

At long last, the government and regulatory authorities appear to be getting together with stakeholders to consider a legislative and regulatory framework for cryptocurrencies. These virtual assets have been around for over a decade — the pioneer bitcoin started trading in 2010. There are literally thousands of cryptos. Some have given truly extraordinary returns. Investors see these instruments as potential hedges against currency volatility and inflation.

Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes and, as we’ll explain, Indians actually invest a great deal more in forex-denominated trades. There’s a substantial, active Indian crypto-investment community