There is a lot of discussion going on about cryptocurrency in India. Bitcoin prices have touched new heights, and now there is a lot of speculation on social media about Jio Coin. Let’s simplify this whole matter.
Jio Coin: Rumour or truth?
There are claims on social media that Jio Platforms has launched a new cryptocurrency “Jio Coin”. It is being said that it is based on Polygon network and has been integrated with Jio Sphere web browser.
But Jio sources have called it completely false. The company has not made any official announcement till now. That is, this is just a rumour.
Status of Cryptocurrency in India
1. Legal Position:
Cryptocurrency is not considered a legal tender in India.
2. Taxation Rules:
30% tax and 1% TDS is levied on cryptocurrency profits.
- Government Stance: Finance Minister Nirmala Sitharaman has clarified that India is keeping an eye on cryptocurrency and strict laws are needed.
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