India's income tax department has told 100,000 investors they are in officials' cross hairs and to expect new regulations by monthly. Ten cryptocurrency exchanges operate in India with estimated the end of the year volumes of $1.5bn. The department will look to assess the source of money that has been invested in digital coins. Central Board of Direct Taxes Chairman Sushil Chandra said officials will tax any holdings whose origins cannot be identified.
India's income tax department has told 100,000 investors they are in officials' cross hairs and to expect new regulations by the end of the year. Ten cryptocurrency exchanges operate in India with estimated monthly volumes of $1.5bn. The department will look to assess the source of money that has been invested in digital coins. Central Board of Direct Taxes Chairman Sushil Chandra said officials will tax any holdings whose origins cannot be identified.