Treat cryptocurrency not as a currency, but as an asset

There have been multiple discussions about cryptocurrencies in India when people are sharing different opinions. Some people share that it is just a crypto asset and has nothing to do with currency but some people have different thoughts that it can impact the fiat currency in the future. Well, we cannot say what is going to happen in the future but for now, it is good for these countries to consider it as a crypto asset. It is like digital assets and for example, the way we treat this stock can also be followed for the crypto assets.

There is a good news article that I read this morning and I found it worth sharing with you here. I hope you like it especially if you're from India because the person who talked about crypto is sharing positive thoughts and he is encouraging the government to apply the same tax regulation as any other asset.

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"It should be clear that we do not think of cryptocurrency as a currency, but as an asset. In which case it should be taxed like any other asset, which is what we have done and I am in favor of of it," said Sanyal.

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It is a valid point and I also think the same as why the crypto is considered as a different asset and keeping it on the highly taxed criteria. While criteria are not the only concern there are many other things that are making it even more difficult for people to deal with. No loss offset is another challenge that people go through and this should also be addressed.

If discussion starts on the taxation for cryptocurrency in India then maybe sooner or later we will get to hear something or get something that can make things better. I don't know how much time will it take because in India things are very slow when it comes to crypto because it seems like the government and authorities are least interested in putting their time and efforts into this sector.

Thanks