Bitcoin exchanges in India asked the central bank to clarify the features of taxation

Indian cryptocurrency exchanges have asked the country's central bank (RBI) to clarify their statuscryptocurrencies and the platforms themselves, as well as taxation features. The Economic Times reports this.

Bitcoin exchanges were forced to apply forexplanations due to the refusal of banks to service cryptocurrency companies, despite the Supreme Court's decision to lift the ban on operations with digital assets in India.

The regulator was also asked to explain howoperations of Bitcoin exchanges are classified — as work with goods, currencies or as services, since the taxation of their activities depends on this.

According to representatives of the local crypto industry,The RBI should issue a new regulation directing banks to resume servicing cryptocurrency companies, since the banks themselves will «always be against Bitcoin».

Recall that in March of this year, the Supreme Court of India lifted the ban on cryptocurrencies in force since 2018.