Bit currency | With the advent of digital gold, Bitcoin has become an alternative way to invest in gold and dollars. The future of other cryptocurrencies is clear. Bitcoin, which set an all-time record last May, is trading at $ 48,000 in the face of volatility. But the federal government says it cannot be considered a currency and can only be seen as a digital asset. To this end, the federal government has been instrumental in drafting legislation on cryptocurrency. The draft bill is expected to be tabled in the Union Cabinet soon. Cryptocurrencies like Bitcoin are likely to be considered digital assets. If the same happens, the income of other assets will be the same .. Suma will have to pay tax on the income on Bitcoin ..
The central view of cryptocurrency is as follows
Drawing a structure that defines cryptocurrency. It is understood that the ban on the use of bitcoin in cash and deal settlements will come into effect, even if it is treated as an asset. Crypto agencies claim that crypto exchanges accept government definition as a digital asset rather than a digital currency.
Registration for trading in transactions
If defined as a digital asset .. the registration procedure for its trading in domestic stock markets should be implemented. For this, the central government should create a system. The Reserve Bank of India (RBI) is known to be involved in the introduction of digital currency. The Reserve Bank is likely to launch its own digital currency by December.