The Narendra Modi-led administration, as part of its leadership of the G20 forum, has been pushing for a wider global agreement on dealing with the risks brought on by cryptocurrencies

Sitharaman said because cryptocurrencies are borderless, any legislation to regulate or ban such assets will only be possible through global collaboration.

The tax will be levied on the difference between the cost of the acquisition of the asset and the transfer price to the employee, the report said

While Coinbase is shrinking its global workforce by 18%, a company spokesperson told TechCrunch only 8% of India staff would be laid off

India's Reserve Bank tells government that cryptocurrencies could lead to a dollarisation of the economy

The Indian government is set to debate a new law that will regulate digital currencies – and ban most crypto coins. This will hit millions of investors but also pave the way for a digital rupee