Indian Tax Authorities See ‘Concerns’ in Bitcoin Trading, Investments

Tax authorities in India have expressed money laundering concerns with investments and trading of cryptocurrencies like bitcoin.

As awareness and adoption of bitcoin grow in India, there are concerns among authorities about the potential for abuse by tax evaders and money launderers. According to the Economic Times, Indian tax authorities fear that trading of cryptocurrencies ‘could become conduits for illicit flows and the movement of black money.’

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