Taxing Cryptocurrency Transactions
From Current Affairs Notes for UPSC » Editorials & In-depths » This topic
What is the current state of cryptocurrency?
- Though the RBI has been favouring a complete ban on cryptocurrency, they continue to proliferate.
- This is notwithstanding the eventual introduction, in the Parliament, of the Cryptocurrency and Regulation of Official Digital Currency Bill.
- Estimates suggest that some 10 crore Indians have already invested in cryptocurrencies with investments exceeding million in total.
What are the implications from tax perspective?
- This trend of investment means that there is a potential avenue for generating tax revenue. However, the tax authorities face a Herculean task in tracking and taxing transactions involving cryptocurrencies.<
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