India isn't banning or promoting cryptocurrencies--just taxing them heavily
India isn't banning or promoting cryptocurrencies—just taxing them heavily.
Commerce Minister Piyush Goyal, speaking in Doha, explained that crypto gains are taxed at 30%, plus a 1% TDS for larger transactions.
As summarized in his remarks, India's approach is to tax cryptocurrencies without outright support or encouragement.
India's approach to cryptocurrency
Instead of picking sides in the global debate over banning or embracing crypto, India is focusing on heavy taxation and transaction tracking.
The government doesn't back unregulated digital currencies but is working on its own official digital rupee through the RBI.
This new currency will use blockchain tech for transparency and traceability.
Goyal's visit aimed at enhancing trade ties with Qatar
Goyal was in Doha to boost trade ties with Qatar beyond just energy deals.
Talks included everything from finance and agriculture to tourism and healthcare, aiming to diversify the $14 billion annual trade between the two countries.