Recently India has passed a crypto bill to tax crypto income by 30% but at the same time claiming that taxing cryptos doesn't make them legal and states it's country's sovereign right to tax crypto and this atrocity doesn't stop here as they have mentioned that the decision about banning crypto or legalizing it will taken after further consultation.
Can they tax something which is not legal? How can a country tax something which is not legal? Moreover they still have plans of banning crypto since they are not clear about their stands on legalization. Not sure if it's an attempt to unofficially break the crypto market in India or what's going on.
Share your thoughts on this.
Source:
https://www.businessinsider.in/cryptocurrency/news/taxing-cryptocurrencies-does-not-give-them-legal-status-clarifies-indias-finance-minister/articleshow/89500097.cmsSeems that in India everything is possible. So basically you won't be stopped from doing illegal things, you will only be taxed for them. But I wonder if that actually turns the tide in favor of crypto when the government sees that they could be getting some additional funds from the taxation. It might not seem much, but then again, India has a lot of people, so that could add up to quite a sum. But then again, governments around the world are constantly shifting their opinions on crypto, so who knows how this will turn out.