What s the problem with Cyrptocurrency Bill? Industry insiders explain
The proposed bill to ban cryptocurrency in India has spooked existing Bitcoin and other crypto investors, it is also keeping prospective investors at bay. However, some crypto experts see a silver lining. They say at least the government has finally started discussing cryptocurrency
Avneet Kaur | March 4, 2021 | Updated 17:58 IST
Cryptocurrencies are usually classified into four categories - currency, commodity, utility or security
The proposed bill to ban cryptocurrency in India has caused great confusion among cryptocurrency players. While it has spooked existing Bitcoin and other crypto investors, it is also keeping prospective investors at bay. However, some crypto experts see a silver lining. They say at least the government has finally started discussing cryptocurrency.
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February 12, 2021 10:32 AM David Rodeck - Forbes Advisor
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February 14, 2021 8:42 AM
Do you own cryptocurrency? Maybe you bought Bitcoin years ago when it was priced at $100, and decide to take some big profits in 2020. Or perhaps you joined the revolution late and bought some Ethereum, only to turn around and sell it off for a quick buck. Either way, you may owe taxes on your 2020 crypto transactions, and you need to understand how it impacts your tax bill.
How Do Cryptocurrency Taxes Work?
For better or worse, capital gains tax rules apply to cryptocurrencies like Bitcoin and Ethereum. The Internal Revenue Service (IRS) treats all cryptocurrency as capital assets and taxes them when they’re sold at a profit.