Indian Cryptocurrency Exchanges Seek RBI Clarity on Taxation Status
Cryptocurrency platforms all over the world, but especially in parts of Asia, have recently undergone much of a revival in the past two months as the central bank has approached crypto with more clarity for their official status as a currency. In Mumbai, India, they’ve already been set to impact domestic taxation.
As such, the country’s cryptocurrency exchanges have written an official letter to the Reserve Bank of India (RBI) to seek clarity on their status in continuing business, lest they be denied banking services in the case that there is a lack of specificity on the rules and regulations as set by the region’s regulators. To be exact, the cryptocurrency exchanges wished to ask for clarification as to whether crytos are now being categorised as either a currency, some unique form of commodity, a good or as a kind of financial service whereas the answer will greatly impact the way they get taxed under the legal framework of the country’s Goods and Services Tax (GST).
A clearly defined answer to these concern has yet to be given by the official committee but as the cryptocurrency industry in India is estimated to be around $13 billion with the potential to provide more than 20,000 jobs nationwide, it is unlikely that their woes will go unanswered for long.
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