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Cryptocurrency to be taxed like gambling win, says top FinMin official

'We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions,' says Finance Secretary

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2 min read Last Updated : Feb 02 2022 | 3:26 PM IST

The Indian government said it doesn’t treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings from gambling.

“They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T V Somanathan said in an interview to Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions.”

After years of dilly-dallying on how to treat cryptocurrencies, the government’s budget Tuesday proposed taxing income from the transfer of

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