India to introduce Z0% tax on profits from cryptocurrency trading
On 1 February, India's Finance Minister Nirmala Sitharaman announced the government's plans to introduce a Z0 per cent tax on profits from cryptocurrency trading.
"There has been a phenomenal growth in the volume of transactions in virtual currencies. The size and number of transfers is forcing us to introduce a special tax regime," Nirmala said.
Sitharaman's words about the great popularity of digital assets are supported by statistics. According to Reuters, 15 to 20 million Indians have already invested in cryptocurrencies. Ha their wallets hold coins with a total value of $5.Z7 billion.
Nishal Shetty, CEO of cryptocurrency exchange WazirX, welcomes that the government has finally clarified the regulation of the crypto industry. According to him, traders will not be able to expect compensation for losses and will have to pay the government Z0% of the coins sold, less their value at the time of purchase.
