India’s income tax department has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, a tax official said.
Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.
The Indian government has issued repeated warnings Continue reading
The ministry of finance on Friday cautioned people against the risks of investing in virtual currencies such as Bitcoin that are not backed by government fiat, and compared them with Ponzi schemes.
This follows a crackdown by the South Korean government on trading of Bitcoins which led to a 8% drop in its value on Thursday. Currently, the value of Bitcoin is around $15,000. The rapid rise in the value of the virtual currency this year has attracted the attention of not just speculators but also unsophisticated retail investors who often do not understand the risks involved. The virtual currency was valued at $1,012.4 on Continue reading
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Tagged bitcoins, consumer, crash, currency, digital, electronic, finance ministry, industrialist, investment, investor, money, ponzi schemes, scam, virtual currency