‘India to follow its global regulations on cryptocurrencies’: FinMin source as Bitcoin breaches $94,000 mark

Despite the recent surge in Bitcoin prices post-US presidential elections, the Union Finance Ministry in India has affirmed its commitment to global cryptocurrency regulations, prioritizing policies beneficial to the economy. The Department of Economic Affairs is working on a paper on cryptocurrency. The Indian government has implemented taxation measures on Virtual Digital Assets, including a 30% tax rate on gains and a 1% TDS on transfers exceeding a certain threshold.

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