Idea: India should establish a regulated cryptocurrency before deciding to tax the bitcoin industry.

Regarding India's plans to tax the bitcoin industry, according to Financial Magnates, Ernst & Young partner Abhishek Jain said: “A policy for cryptocurrencies needs to be worked out before taxes are decided. . It was for. I am happy. Currently, there are no regulatory requirements for cryptocurrencies in India. According to taxation, Indian cryptocurrency traders generally trust the rules for other assets. Varun Sethi, Indian blockchain attorney, said: “Now the tax authorities have 'We haven't. issued rules or regulations for the coin market. "" This measure affects the Indian cryptocurrency market due to uncertain Indian law. block it. “Previously, it had been reported that the Indian government had decided to impose an 18% Goods and Services Tax (GST) on the Bitcoin market, estimated at Rs 4 billion (US $ 53.4 million) in annual fees.