New cryptocurrency laws in India

Home » REGULATIONS » New cryptocurrency laws in India
New cryptocurrency laws in India

Despite the legal uncertainty, the Indian authorities intend to start charging an 18-percent tax on goods and services from cryptocurrency operations beginning from July 2018.

Currently, this proposal is considered by the Central Council for Indirect Taxes and Customs Duties. The authorities of the country can classify cryptocurrencies as digital goods on a par with various software products. Also, some laws may be submitted soon, aimed at counteracting the use of crypto-currency in criminal activity.

Below are the key points about the new legislative changes:

  • purchase and sale of cryptocurrency will be considered as the delivery of goods (with the transfer, storage and accounting of crypto assets will be treated as services);
  • the value of the crypto currency can be determined on the basis of the value of the transaction in Indian rupees or its equivalent in any freely convertible currency;
  • if buyers and sellers are in India, then the transaction will be treated as the delivery of software;
  • for the purposes of transfer or sale, the place of delivery will be the location of the registered person (at the same time, for the sale to unregistered persons, the place of delivery will be the location of the supplier);
  • transactions outside the territory of the country will be considered an object of taxation of an integrated tax on goods and services, and also be considered as export-import transactions with goods.
  • bitcoinBitcoin$3,607.66
  • rippleXRP$0.322199
  • ethereumEthereum$119.97
  • tetherTether$1.00
  • eosEOS$2.43
  • stellarStellar$0.106259
  • litecoinLitecoin$30.96
  • cardanoCardano$0.043839
  • tronTRON$0.024094
  • moneroMonero$44.56
  • iotaIOTA$0.309411
  • nemNEM$0.056061
  • dashDash$70.19
  • neoNEO$7.58
The complexity Bitcoin mining is growing
As a result of the next recalculation of the complexity of mining Bitcoin on the night of January 14, this figure increased by almost 5%. The complexity of mining is a parameter of the blockchain network, which shows how difficult it is to perform a mathematical calculation to find a new unit and, accordingly, to […]
2019-01-18 0 4
Bitcoin volatility fell by 98% over the year.
Since January last year, the first cryptocurrency volatility has decreased by 98%. So, if on January 16, 2018, this figure was $ 3,468, then a year later – only $ 61, notes CoinDesk Markets analyst Omkar Godboul. The daily volatility over the past year decreased from 9.1% to 3.6%, although on December 16, 2018 was […]
2019-01-17 0 7
Will Ethereum hard fork Constantinople be launched this week?
Ethereum, one of the largest and most influential blockchains in the world, is planning to improve its code in the near future. A massive system upgrade, or hardfork, called “Constantinople” will include a number of technological improvements called to enhance practicality and the architecture of smart contracts. The Ethereum community will make a final decision […]
2019-01-15 0 29
The Brit​ish citizen was trying to buy a gun with cryptocurrency
David Mitchell, a 48-year old British citizen, was arrested by the US police after an attempt to purchase a gun with cryptocurrency via the dark web. Mr. Mitchell was planning to buy a Glock 9mm pistol which costs around £2,000. The man explained to the court that he was curious whether it is possible to […]
2019-01-14 0 18
© 2017–2018