India Passes Divisive Crypto Tax Legislation

After the government passed a contentious tax reform on Friday, bitcoin dealers in India would have to pay a 30% capital gains tax. As if that wasn't enough, lawmakers placed a 1% tax on bitcoin transactions that is deducted at source. Taxes will also be levied on cryptocurrency gifts.

The new restrictions apply to all crypto traders, including those who have lost money. The problem is that, under current legislation, there are no losses that may be deducted. As a result, industry insiders anticipate the Indian cryptocurrency market would come to a halt.