Mining Operations, start-ups, investors and traders are facing quite the difficulties throughout cryptocurrency-related activities throughout the Indian territory because of regulators continuing to increase the bar on how strict the nation is turning out.
The peak of the movement was a few days ago as ITDI [The Income Tax Department of India] stormed in cryptocurrency exchange operators on a country-scale range.
The newest development, then, is that ITDI officials are now pouring through the seized records and, per an agency spokesperson, will now be probing the compromised users “under tax evasion charges. Notices are being issued and they will have to pay capital gains tax on the bitcoin investments and trade.”
This news comes on the heels of the Indian government’s fresh ban on cryptocurrency mining hardware imports into the nation, which left many domestic miners in limbo with rig shipments blocked mid-trip.
Bitcoin trade under lens? Tax sleuths visit Bitcoin exchanges across Indiahttps://t.co/zqDDmWSpp5 pic.twitter.com/hWbmolcLtc
— Business Standard (@bsindia) December 13, 2017
Cryptocurrency Journalist Akshay Makadiya commented on the event, pointing out the market on a local scale was on a tense situation with the domestic price declining from $22,150 (₹1,420,000) yesterday to $20,400 (₹1,307,900) today. According to Makadiya, there is a rumor raiding out that the RBI – Reserve Bank of India is issuing and planning out a mandate for all Indian Banks to monitor virtual currency-related accounts.
To this end, it looks like a comprehensive crackdown on crypto use in India may be only just beginning, much to the detriment of innocent, everyday Indian investors and entrepreneurs.
The Gov has pushed the country towards the other end of the spectrum when it comes to crypto-regulation. This is indeed, what Bitcoin scholar Andreas Antonopoulos called the “panic stage” while facing BTC. And that panic is now being forced upon innocent Bitcoiners.
