Crypto industry miffed by govt's position on barring tax deductions

business-standard.com:

Crypto players on Monday strongly reacted to the government’s position in the Lok Sabha that restricted ways for investors to avail deductions from trading in such virtual assets.

This move will hurt the industry and incentivise users to look for underground platforms for trading, according to them. “Not being able to offset the losses of one virtual digital asset with another will discourage a lot of investors as it increases their risk and decreases the end reward. This would disincentivize them from trading with Indian exchanges and deal only with foreign exchanges or ...

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