India Bans Offsetting Loss on One Crypto with Gain from another. The government has tightened norms for crypto by disallowing losses incurred in a particular digital asset to be set off against income from another version of a crypto holding, the junior finance minister said on Monday. The government won’t allow tax breaks on infrastructure costs incurred while mining crypto assets as it won’t be treated as the cost of acquisition, Minister of State for Finance Pankaj Chaudhary told lawmakers in parliament. The clarification by the minister is a further setback to an industry that was slapped with a steep tax rate in the budget unveiled last month. The RBI and the government are skeptical about the sector despite a rise in trading volumes as it fears digital currencies can be used for money laundering, terrorist financing, and price volatility.