The committee is unlikely to determine the rate at the meeting, but could discuss including cryptocurrency transactions in the top 28 percent tax bracket, the people said.
A spokesman for India’s finance ministry did not immediately respond to a request for comment.
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Earlier this year, Finance Minister Nirmala Sitharaman assessed the Indian cryptocurrency market by announcing a 30% tax on income from transfers of virtual assets and a 1% source tax on all cryptocurrency transactions scale and track users.
However, due to India’s unclear definition of cryptocurrencies as goods and services, coupled with the lack of a regulatory framework, the issue of taxing cryptocurrency transactions remains to be determined.
Earlier reports said that the federal government of India is already working on a legislation to regulate cryptocurrencies or tighten related regulations, but the real implementation is expected to be after a global consensus on regulating such assets is reached.
Cryptocurrencies and other risk assets have been under pressure this year. Bitcoin has fallen about 50% this year, while ethereum is down 70% over the same period.
