Politics News

Bitcoin Future in India: No Ban on Cryptocurrency, You May Have to Pay Taxes, Say Sources

India has over 20 million crypto account holders, more than the stock market, and a cumulative investment of Rs 6 lakh crore. (File Photo)

The central government may not go for a blanket ban on cryptocurrency, according to sources.

  • Last Updated:November 24, 2021, 12:18 IST

The central government may not go for a blanket ban on cryptocurrency in India, according to sources. To regulate cryptocurrency trading in the country, the central government is all set to bring a new bill during the upcoming winter session in the Parliament. The much-awaited cryptocurrency bill is likely to prohibit all the private cryptocurrencies in India, with certain exceptions, according to the bulletin mentioned in the Lok Sabha website.

The central government had earlier formed the panel to study the issues related to digital currencies and propose specific actions regarding the crypto coins. Earlier in May, finance minister had said that a very calibrated position will be taken on crypto and digital currency as the world is moving rapidly with technology.

The inter-ministerial panel has recommended that all private cryptocurrencies, except any virtual currencies issued by state, will be prohibited in India, according to reports.

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