The India government is expected to implement the consumption tax such as bitcoin currency for encryption
According to local media reports, after discussion for a period of time, India will bitcoin transaction implementation of the goods and services tax.
India officials in recent months has held several meetings to establish a legal framework for digital currency, in April set up a special working group to study the problem, and make possible choices. India legal provisions on the legality of encryption currency transactions in the past has been the subject of speculation, especially after a period of time in India officially announced bitcoin declared a total ban.
India media reported new details of the process are discussed, including the possibility of tax. It is worth noting that, according to an official statement, at a recent conference on the prohibition of encryption currency does mention the topic, but in the end, the proposal is almost not supported.
Officials told the media: “ban” will clear all digital currency related activities are illegal, and will enable investors who intend to take up the risk of speculation, but it was pointed out that this will hinder the gain of these activities the income tax, but to adjust the encryption currency, to encourage the development of ecological supervision tracking system of law. Can also assist in tracking illegal activities, promote the regular tax. “
Encryption money trading may also be affected by the India securities and Exchange Commission (SEBI) of the jurisdiction, the committee is managing the country’s stock market.
Finally, according to the reports, bitcoin and other encryption currency may be regarded as digital assets under the law of India.