Reports are emerging that India’s government may be reconsidering its stance on cryptocurrencies with the formation of a new regulatory panel. A May 19 report in the Economic Times, cited three sources privy to discussion on the formation of a fresh panel of experts with a view to regulating cryptocurrency trading in India. The move comes amid increasing support for overturning recommendations made by a committee led by former finance secretary Subhash Garg in 2019 for a blanket ban on crypto assets on the grounds they have become outdated. The report quoted an unnamed official with knowledge of the matter …

India’s finance ministry has called for the enactment of Bitcoin (BTC) tax laws in the country. According to the Times of India, the ministry’s Central Economic Intelligence Bureau, or CEIB, recently submitted a draft document that proposes levying an 18% goods and services tax on Bitcoin trading. CEIB figures put the estimated Bitcoin transaction volume in India at over $5.4 billion. Thus, the proposed 18% tax could see the government earning about $970 million from crypto taxation. As part of the proposed plan, the CEIB is pushing for virtual currencies to be classified as “intangible assets” to fall under the …