Claim: Recently, the government of India declared that crypto trading is legal and that taxes will be reduced from 30% to 10%.
Fact-check: The government of India has not provided clear guidelines regarding the legality of crypto trading - FACTLY
Verdict: the government of india has not explicitly banned cryptocurrencies but has not provided clear guidelines on their legality. since as far back as 2013, the reserve bank of india has issued circulars and cautioned users, holders, and traders of virtual currencies . in 2018, the reserve bank of india  issued a circular prohibiting regulated firms from offering services to individuals or companies involved in cryptocurrency trading. however, the supreme court of india overturned this circular in march 2020. in 2021, the government prepared a bill that would have banned private cryptocurrencies, though it has not been introduced yet. in 2023, as the president of the g20, india called for a global framework to regulate cryptocurrencies. in the year 2022, in its 2022-23 budget, the government introduced a flat 30% tax on income from digital virtual assets or cryptocurrency. hence the claim made in the post is misleading.
Organisation: FACTLY
Author: Akshay Kumar Appani
Date published: 2024-07-05T12:45:11