India Considers Classifying Cryptocurrencies as Commodities

BeInCrypto –

Reports from local media outlets suggest that the Indian government could classify cryptocurrencies as commodities and tax them accordingly.

There finally appears to be some progress from the Indian government regarding the regulation and legalization of cryptocurrencies. Local media reports indicate that the government is considering classifying cryptocurrencies as commodities. This would be accompanied by typical regulation for the latter, including taxation and an analysis of how they are used.

The Economic Times was the first to report that the new draft of the bill classified the asset class as commodities. But much of it appears unclear, and these are only statements from those close to the matter.

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