Thinking about the future of cryptocurrency? Is bitcoin legal? What can be the effect of GST on bitcoin in India? How to pay tax on bitcoin profits? You must read this article to clear all your doubts.
Let us begin with some simple questions… What if there is a currency out there which is not controlled by a bank or a single administrator? Who would control the rate of exchange? Who would back this currency? Well, if you have heard and know a little about cryptocurrencies or say bitcoin to be more specific then the answer to all the above questions is actually “THEY DON’T MATTER”. But going by recent developments in Finance Ministry of India and the Central Bank, the government at the centre appears to be making a roadmap for regularisation of cryptocurrency trading and exchange. The days when cryptocurrencies like bitcoins and exchange platforms like zebpay would be on GST’s radar do not seem far ahead.