20 Jan Reuters Reports the Gov. of India Has Sent Tax Notices to Crypto Traders and Investors
Are you involved in cryptocurrency trading or investing? If so, do you live in India? If your answer to both of those questions is yes, this article is for you.
Reports have now surfaced that the government of India has sent out tax notices to anyone trading and/or investing in cryptocurrency after a nationwide survey was dispensed.
Cryptocurrency is huge in our world today, so it doesn’t surprise me that India’s government has conducted a survey to see who is involved in the cryptocurrency sector. In fact, I think most governments would benefit from this.
Why? Because, while I think bitcoin has numerous beneficial aspects to it, I do think that there should be more regulation, control, and just an overall sense that someone (in this case, a government) is looking down on it at all times.
The survey, according to Reuters, discovered that – out of those polled – Indian citizens participated in over $3.5B worth of trades and transaction over a time period of seventeen months.
Now, the Indian government is looking to move forward with taxing capital gains. They are also reportedly looking for any information regarding how much Indian citizens own in virtual currencies as well as where their funds are kept for safe-keeping.
Further, in the survey, the Indian government reportedly amassed data from nine different exchanges within the country, which currently has a population of 1.324 billion.
Regardless, the country of India has yet to declare any new regulations when it comes to the trade of cryptocurrency.
Featured Image: Depositphotos/© hello.artmagination.com