IS Bitcoin is illegal in India?

   IS BITCOIN IS Illegal?

In an interview with Press Trust of India (PTI), Finance Secretary TV Somanathan stated that, just as gold and diamonds are not legal cash despite their value, private cryptocurrencies would be walking in the same path. He further stated that “cryptocurrencies will never be accepted as legal currency. It is a legal tender, which means it can be used to settle debts. In India, only the Reserve Bank’s ‘Digital Rupee’ would be considered as legal money”. Except for El Salvador, which proclaimed Bitcoin legal cash in September of last year (2021), no other country has made crypto a legal tender. India is drafting laws to govern cryptocurrencies, but no draft has been made available to the public. Meanwhile, the Digital Rupee, a central bank-backed digital currency, will begin to circulate in the coming fiscal year (2022-2023), ushering in more affordable and effective currency management.

How are bitcoins taxed in India?

The concept of bitcoins being quite new to the Indian market, apparently the government has not yet brought taxability of bitcoins into the statute books. At the same time, the levy of tax on bitcoins cannot be ruled out because the Indian income tax laws have always sought to tax income received irrespective of the form in which it is received.

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