Published On: Friday, September 3, 2021 | By: Team KnowMyStock
“The government in its draft bill is working towards defining cryptocurrency and its treatment in various use cases, so that it can be treated correctly in the books of accounts plus it should be taxed in the right manner,” according to the source. “It is not looking to allow payments and settlements through virtual currencies.”
This is a lacuna in the law, as unless an asset is defined, ambiguity of how it should be taxed or how it should be regulated becomes a question.
According to the people close to the development, the government is looking to first define cryptocurrency.
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