India imposes tax liability on owners of cryptocurrencies

Indian finance tracks owners of cryptocurrencies and imposes capital gains taxes on them.

The Indian tax authorities are targeting cryptocurrencies such as Bitcoin, Ethereum and Ripple. They asked tens of thousands of investors to pay capital gains tax on their cyber-currency operations. A survey has shown that in the past 17 months, deals in the volume of 3.5 billion dollars have been made, the tax authorities said. Especially young, technology-savvy investors and real estate and jewelry entrepreneurs have joined in cryptocurrencies. Many investors would have concealed their business from the tax authorities. In part, tax inspectors have traded themselves with Bitcoin & Co to track cash flows.

The Indian Ministry of Finance said that a Commission is currently exploring ways of restricting business. Ultimately, however, Parliament must decide on a regulation. An estimated 200,000 Indians are entering the Internet money business each month. The Indian government has repeatedly warned of cyber foreign exchange because of the sharp price fluctuations and has put it into the context of fraudulent pyramid schemes. China and South Korea are considering completely banning trade. Even financial supervisors in Europe and the US want to bring crypto currencies under greater control.

India was the first country in the world to attempt to ration cash with a radical currency reform. However, the measure is considered failed because the Indian small businesses did not want to switch to cashless payments.

Source
http://www.phaelosopher.com/2017/10/19/bitcoin-money-common-sense-freedom-historic-opportunity/