Cryptocurrency has been a topic of controversy and debate in many countries, including India. The question of whether or not cryptocurrency is legal in India has been a topic of discussion for many years, with the government and regulatory bodies taking different stances on the matter. www.azadparinday.com follow us on https://azadparinday.com/ for more technology related information.

1. IS CRYPTOCURRENCY LEGAL
IN INDIA?

2. IN 2018, RBI BANNED
CRYPTOCURRENCY.
In March 2020, the Supreme Court struck down
the RBI circular.
In January 2021, the Indian government
proposed a bill to issue an official digital
currency by the RBI.
Now, Cryptocurrency is considered a digital
asset.
A tax rate of 30% has been imposed on it.

3. LEGAL POSITION OF
CRYPTOCURRENCY IN
INDIA

4. Cryptocurrencies are considered
virtual digital assets and are
taxed as such. The Indian
government recognizes that
these assets are part of the
global and domestic economy
and cannot be banned outright.

5. However, a tax rate of 30% has been
imposed on cryptocurrencies in
India as announced in the 2022
union budget. Despite the taxation,
cryptocurrency remains without a
clearly defined legal framework for
its use and mining in India.

6. The lack of rules and regulations
leaves traders and investors in the
cryptocurrency market waiting for the
government to release a bill outlining
the specifics of how transactions and
mining of cryptocurrencies should be
conducted in India.

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