India Says Crypto Not Illegal as It’s Taxed Like Gambling Win

The Indian government said it doesn’t treat trading in crypto assets as illegal, a day after it announced taxing such transactions just the same as winnings from gambling.

“They are in a grey area. It’s not illegal to buy and sell crypto,” Finance Secretary T. V. Somanathan said in an interview to Bloomberg Television. “We have now put in a taxation framework that treats crypto assets the same way we treat winnings from horse races, or from bets and other speculative transactions.”

WATCH: India Finance Secretary T.V. Somanathan discusses India’s short-term goals in the next six months, the economy and his outlook for cryptocurrencies.

Source: Bloomberg

After years of dilly-dallying on how to treat cryptocurrencies, the government’s budget Tuesday proposed taxing income from ...