India's tax on bitcoin deals comes as the cryptocurrency is seeing bullish valuations. For its part, Coinbase is suspending trading in XRP after an associated trading firm caused a ripple. Agencies and Eurus YiuThe Indian government is weighing a proposal to impose 18 percent goods and services tax on bitcoin transactions, estimated to be about 400 billion rupees (HK$42 billion) annually, reports the Times of India. The board has suggested that the cryptocurrency can be treated as current assets and the tax charges on the margins made in its trading. Given that Bitcoin has just hit a record high, Newton said it is still quite bullish on an intermediate-term basis.

Source: The Standard December 29, 2020 19:07 UTC