Indian plans to tax blockchain ecosystem

Amid widespread adoption of non fungible tokens (NFT), Indian news site Business Standard reports that the Indian government is examining the proposal to tax the blockchain ecosystem, which includes cryptocurrencies and such digital tokens.

It cites an official who said, the use of NFTs has picked up at a large scale, with celebrity endorsements and increasing commercialisation.

Investment in cryptocurrencies has also increased recently and there is a need to tax them, the official said. The tax department wants the framework to tax the use of blockchain for commercial purposes to be implemented, says the report.

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