Before crafting legislation for the business, the Indian government is investigating how other nations have governed the asset class, according to Ajay Seth, the secretary for economic affairs.
- “Our consultation paper is fairly ready. We have gone into a deep dive into this,” On the 30th of May, Seth addressed reporters on the margins of an event.
- The IMF, the World Bank, the Reserve Bank of India, and the Securities and Exchange Board of India are allegedly talking with India’s finance minister on a regulatory framework for digital assets.
- From April, India taxed cryptocurrency transactions at a flat 30% rate.
- On July 1, transactions over INR 10,000 (US$129) will be subject to an additional 1% tax deducted at the source.
Source: Yahoofinance