Advertisement

Advertisement

Advertisement

Advertisement

“Crypto should be deemed as a foreign asset,” Says R Gandhi, RBI’s Former Deputy Governor

Former Deputy Governor of Reserve Bank of India (RBI), R Gandhi on Tuesday said, “Crypto needs to be treated as a foreign asset and should be taxed based on its payment channels.”

Advertisement

Speaking at Crypto-asset conference ‘HODL – 2021, organized by the Blockchain & Crypto Assets Council (BACC) of IAMAI, R Gandhi said, “On entry in a citizen’s hand, crypto should be deemed as a foreign asset. It should be paid through normal channels when it is bought otherwise it will be deemed as mined and capital gained and taxed heavily.”

“This will be a voluntary disclosure. Then if it is proved mined, capital gained and taxed is likely. It should be fully tracked through a depository or repository of information about that. Then exchanges can facilitate trade – buy and sell – and settle payment and received. This should be on a DVP basis i.e., Delivered vs Payment rather than Payment vs Payment. In this fashion the exchanges can be regulated by SEBI,” Gandhi added.

Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More