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Indian cryptocurrency traders receive tax notifications from the government

India's government has reportedly sent tax notices to cryptocurrency traders and investors following a nationwide survey.

21.Jan.18 1:28 PM
By Daria Zaytseva


Indian cryptocurrency traders receive tax notifications from the government

The survey showed that during 17 months, Indian citizens traded more than $3.5 billion and other operations. The government also collected data from nine exchanges within the country, and notices have been issued to "tens of thousands of people".

As a result, India is now looking for tax revenues from capital gains, as well as information on how many people own in cryptocurrencies and where their funds are located.

Indian officials have suspected that traders of cryptocurrencies were evading taxes, and in an attempt to repulse the response, they collected data last month to try to identify users. At that time, the Indian Income Tax Department stated that it was also looking for money laundering cases.

Although officials have condemned bitcoin and other cryptocurrencies in the past, India's official position remains unclear. Attempts have been made to clarify its status, with at least two petitions and the Supreme Court of India pointing out that everyone is being asked to give some guidance on the rules.

Despite these steps, India has not issued any new rules regarding trade of cryptocurrencies.

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