Indian investors had readily accepted cryptocurrency as a brilliant means to invest especially after the Bitcoin boom that happened a few years back. Through all these years, India became one of the major countries where crypto trading saw the largest volumes, with millions-worth of trade happening in mere hours. However, the government and the Reserve Bank of India have always had their reservations around these digital tokens, with both of them fearing that cryptocurrencies would have a severe impact on India’s economy and also aid to crimes.
With its not-so-accepting approach to cryptocurrencies, the government during Budget 2022 inserted a new Section under the Income Tax Act, whereby income from virtual digital assets would be taxable at the rate of 30 per cent, while also imposing a 1 per cent TDS on these digital tokens. Both the tax provisions were inserted at a time, when co-incidentally, the crypto world in the global scenario was seeing a prolonged onslaught as the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...