Similar to the volatility associated with cryptocurrency and non-fungible token (NFT) markets, the government of India and Indian regulators have also had a volatile relationship with virtual digital assets (VDAs).
Indian regulations on VDAs have come a long way since the attempts of the Reserve Bank of India (RBI) to prohibit cryptocurrency in 2018 and the government of India’s plan to introduce a bill to prohibit cryptocurrency in 2021. Transactions involving VDAs, such as cryptocurrencies and NFTs, are now permitted and taxed in India – though there remain areas of law that continue to be unclear.
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