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. Bitcoin is a decentralised form of currency which uses encryption technology to protect transactions from being traced back to their source.
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.