[2017-07-13] Hindu: Bitcoin trade may come under SEBI

[polynesia]

Bitcoin trade may come under SEBI

http://www.thehindu.com/business/Economy/bitcoin-affords-anonymity-in-grey-area/article19265595.ece

The government is considering the introduction of a regulatory regime for virtual or crypto currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.

The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).

The idea is to treat such currency in a manner similar to gold sold digitally, so that it can be traded on registered exchanges in a bid to “promote” a formal tax base, while keeping a tab on their use for illegal activities such as money laundering, terror funding and drug trafficking.

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[sameer dadarwal]

 The Government of India is planning to bring the sale of any virtual or crypto currencies such as bitcoin under GST.And under the   regulations of Securities and Exchange Board of India(SEBI) .
Putting GST on sale or purchase of bitcoin is not a good idea.But it's regulations will help the government to restrict it from the  hands of people involved in illegal activities such as money laundering, terror funding and drug trafficking.

[Rhshahindiana]

They might try, but it's really difficult, not many government officials knows bout bitcoins or crypto currency, also the market is not big in India compare to what other world is having, hence they cannot, some small regulations could be expected but some thing major is little difficult for time being.