[2020-12-07] India’s Taxman Put Bitcoiners on the Hot Seat as Bitcoin Price Keep

[Red Feast]

As the price of bitcoin (BTC) and altcoins continue to “moon,” India’s tax agency, the Central Board of Direct Taxes (CBDT) is reportedly making active plans to clip the wings of crypto tax evaders in the country.

Per sources close to the latest development, the nation’s Income Tax Department has obtained the transaction history of crypto traders that executed trades via banking channels prior to the apex bank’s ban on fiat-to-crypto trading in 2018.

While crypto taxation is yet to become a thing in various jurisdictions across the globe, as authorities continue to look for ways of making crypto investors file the correct taxes on their bitcoin trading gains, Naimish Sanghvi, a top Indian crypto influencer has taken to Twitter to reveal that bitcoiners in the state have been paying taxes on their crypto profits contrary to reports.

Source: https://btcmanager.com/india-taxman-bitcoin-price/

Will it happen to other countries as well?

[bryant.coleman]

There are millions of cryptocurrency users in India, and gathering information about all of them is going to take many years. On one hand, they don't want to legalize cryptocurrency. And on the other hand, they want to tax gains from it. Both of these things won't go together. If they want to tax the gains, then they should first legalize and regulate Bitcoin and other cryptos.