Crypto prices down probably on crypto tax launch in India

Posted 24 May, 2018

Bitcoin prices have decreased in the second on Thursday, which can be connected with the reports about possible crypto tax launch in India.

The leading digital coin has dropped to some $7,371 on the Bitfinex today. A negative dynamics was also seen in Ethereum – Bifinex quotes decreased to some $566.78. Ripple coin changed hands on the Poloniex already at 0.60000 (some 5.7% down). Litecoin was quoted at $117.11.

As reported Bloomberg, the Indian authorities stated that crypto transactions (sale/purchase) should be considered as good supplies, while the parties would have the status of service providers. It is reported that the authorities can classify cryptocurrencies as digital goods along with other software products. The cryptocurrencies are said to be subject to 18% tax. In addition, taxation may also hit exchanges and miners in the sector, with the retroactive tariffs covering all crypto transactions beginning from July 2017. 

For reference, India already expressed intentions to ban crypto buying by banking institutions.

It is worth mentioning, Coinbase platform announced yesterday that it considers the possibility for the acquisition of Paradex exchange. The new platform can be integrated into the Coinbase operations in the near term.

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24 May, 2018 16:51

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Exchanges and ICO holders in Singapore receive MAS crypto rules reminder

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