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.cmsPersonally, I think that at the moment this is just talk about the future of cryptocurrencies in India, in principle, as elsewhere. You can see the information about recognition, then about the collection of taxes, but where is the guarantee that this is official information from the Indian authorities? And there are no guarantees, there are only news of which there are now a lot and very often each news contradicts the other. Based on this, I can assume that at this stage we are just talking. As for real cases, there should be clearly adopted laws on this matter, as you correctly noted, first on recognition, and only then on taxes, and so on.