India identifies 700 cryptocurrency investors for not paying taxes

The income tax department of India has reportedly targeted around 700 crypto investors who have failed to pay taxes on high-value crypto transactions. According to an official with the nation’s Central Board of Direct Taxation, they have a long list of people who were dealing in crypto assets but weren’t paying tax. The list includes…

Finance Secretary says Blockchain policy has nothing to do with crypto policy

TV Somanathan, Finance Ministry Secretary said that the government policy vis-à-vis blockchain has nothing to with its policy towards virtual digital assets (VDAs) or cryptocurrency. He added that there should not be any worry regarding the use of blockchain in areas apart from currencies or payments. At an event, he said that Government’s policy towards…

Clarity soon on crypto formalization: FM

Nirmala Sitharaman Finance Minister has said that government will bring clarity on the formalization of cryptocurrency soon. Partaking in a post-budget interaction organized on Monday by industry body PHD Chamber of Commerce and Industry, while responding to a query on the regulation of crypto, Ms. Sitharaman said that the Centre has a consultation process for…

Budget 2022: 30% tax on crypto assets; RBI to issue digital rupee

On Tuesday morning, Finance Minister Nirmala Sitharaman confirmed that RBI (Reserve Bank of India) will launch a digital rupee soon. The digital currency by RBI will be based on blockchain technology the tech behind Bitcoin and other famous cryptocurrencies. FM said that the digital rupee will be issued by 2022-23 without offering any clarity on…