The tax department favours taxing cryptocurrency exchange and trades in the country. But, it doesn’t mean that they would be categorised as a valid asset class.
The ET Now tweet added that the government feels that an activity that generates income should be taxed.
The news comes at a time when there is a raging debate over how to treat cryptocurrencies.
The RBI has also said that it will launch a pilot of its digital currency by the end of this year.