India's Government Considers Taxing Bitcoin Transactions as Trading Volume Around the Cryptocurrency Soars
Login

India’s Government Considers Taxing Bitcoin Transactions as Trading Volume Around the Cryptocurrency Soars

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
Just ten months after the Supreme Court in India removed the ban placed by the Reserve Bank of India on cryptocurrency trading, fresh reports show that the country’s taxation authority has picked interest in cryptocurrency traders, as Bitcoin (BTC) continues on its bullish rally.

Local media report that the Indian Tax Department already has data of investors who partook in Bitcoin transactions through banking channels before the RBI ban in 2018.

Recent data shows that cryptocurrency trading activities in India have surged significantly since the ban got lifted.

The two largest cryptocurrency exchanges in India, Binance-acquired WazirX and CoinDCX have recorded increased activities over the past six months. Reports show the WazirX saw a whopping 125% increase in new user signups over the past two quarters. The exchange also announced a daily trading volume of $19-$25 million.

Some experts noted that it would be nearly impossible for the country to tax cryptocurrency transactions because of the absence of regulation in place for cryptocurrency dealings.

While India is yet to release its crypto regulation scheme, recent disclosure suggests that the country may opt to regulate cryptocurrency like commodities.

However, some tax experts have advised their clients to declare their Bitcoin earnings as capital gains, making it similar to profits generated from trading shares.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — December 4

Bitcoin was struck with a fresh surge of the volatility after it reached the $19,600 daily high earlier today. The cryptocurrency immediately came under heavy selling pressure but was swiftly supported by the $18,800 pivot zone.

The benchmark cryptocurrency is now trading within a wide range between $19,550 and $18600.

Meanwhile, our key resistance levels are at $19,500, $19,880, and $20,000. While our key support levels are at $19,000, $18,800, and $18,400.

Total market capital: $559 billion

Bitcoin market capital: $350 billion

Bitcoin dominance: 62.6%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News