Cryptocurrency In India: What Can We Expect In The Future? Currently, bitcoins and other cryptocurrencies are beyond the purview of legal regulation in India Indian investors are waiting in anticipation for the official verdict on cryptocurrency exchanges in the country. Even though El Salvador has embraced the digital revolution in currency, India is still mulling over the issue. Last week, Jayant Singh, Chairman of the Parliamentary Standing Committee on Finance, said in an online event that the Indian government would take a “distinctive approach” to regulate cryptocurrencies in India. The statement came at a time when cryptocurrency is still unregulated in the country. India has a strong base of cryptocurrency investors and exchanges. But investors are still in the dark about the future of cryptocurrency. Is Cryptocurrency Illegal In India? Currently, bitcoins and other cryptocurrencies are beyond the purview of legal regulation in India. We cannot call them illegal because they are not yet authorised for use by any central authority in the country. Cryptocurrency remains outside the scope of any guidelines, regulations, or rules. This makes Bitcoin and altcoin transactions riskier because disputes arising from these exchanges will not be legally bound. Cryptocurrency Taxes Though India hasn't yet imposed regulations on cryptocurrency transactions, it has asked for transparency in all such undertakings. In April, amendments were introduced in the Companies Act for this purpose. Owing to this transparency, digital asset and the gains thereof are likely to be counted as a capital asset, which is bound by taxes under capital gains. But companies are not yet sure how to treat the different types of gains and income in this regard.
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