Cryptocurrency boomed as soon as it came under the tax net, it is better to consider crypto as an asset than a currency

Indore. It has gained momentum with the announcement of tax on cryptocurrencies in the Union Budget. The price of many currencies has doubled in 24 hours. Most business people believe that the central government has opened more avenues for this by imposing tax.

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Actually, the announcement of imposing 30 percent tax on crypto currency has had a positive effect. For example, at 10.30 a.m. Tuesday, the currency for Wazirx was $0.8138, up 47 percent to $1.20 by the end of the budget speech. It was about a dollar in Wazirex at 5.45 pm on Wednesday. There is enthusiasm in the local exchange. However, the international crypto market has not shown any major impact.

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had the opportunity to adjust the loss

Investor Ram Pathak says, the government has tried to ban trading. Now bringing it under the tax net, it has been announced to launch RBI’s digital currency. Right now they are assuming that tax has to be paid i.e. the currency is valid. Ekta Chaudhary says that there is no harm in paying tax on income from crypto currency. It would have been better if the government had given an opportunity to adjust the loss as a loss in business.

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