Cryptocransis a once again in the news as the government is reportedly looking at Fine turning definition of income and gains for Crypto assets in the upcoming budget. The centre has sought opinion for senior tax Advisors on whether the income earned from investing in cryptocurrencies could be treated as business income as against capital gains from this year on word for stop but before we get into the taxation and leg li Galti of cryptocurrencies let's first understand the digital assets and how it really works.
WHAT ARE CRYPTOCURRENCIES?
Cryptocurrency is a digital assest designed to work as a medium of exchange using Cryptography to secure the transactions and to control the creation of additional units of currency the world's mainly cryptocurrency is a form of digital currency." It is a collection of a binary data which is designed to to be Anonymous And Secure cryptocurrency works on the model of cryptography where in data is converted into into codes" explains Gaurav Dhahake ,CEO and Founder of BitBns and, A leading cryptocurrency exchange in India
The virtual currency is designed to work as a medium of exchange using Cryptography to secure the transactions and to control the creation of additional units of currency. These are decentralized in nature, which means that no single entity owns or controls them. Moreover it does not rely on Central banks and is a collection of data over all designed to work as a medium of exchange using it underlying Technology the Blockchain.
" it is a peer to peer system that allows anyone to make and receive payments from anywhere. Cryptocurrency payments exist solely as a a digital entries to an online database identifying specific projections rather than a tangible money carried around and exchanged in in the real world the transaction that you make with cryptocurrency funds are recorded in a public ledger. Digital wallets are used to store cryptocurrency said kshitij purohit ,lead currency &commodities at Capital Via Global Research
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