India, the world’s largest democracy, may make its tax policy clearer by tweaking the definition of crypto or virtual digital assets. According to a report by CNBC TV-18, the Indian government is likely to tweak the definition to clarify that only cryptocurrencies, crypto tokens, NFTs and vouchers fall under the definition of virtual digital assets, but not other categories such as Demat shares, credit card points, frequent flier points, e-vouchers, cash bank points, etc. The government will also include a detailed FAQ to explain the definition, according to the report.
Source: https://www.coindesk.com/markets/2022/03/03/first-mover-asia-china-to-widen-test-of-digital-yuan-as-russia-invasion-spotlights-cryptos-potential-role-cryptos-decline/?utm_medium=referral&utm_source=rss&utm_campaign=headlines