Despite Continous Warnings from Government and RBI, 1 in every 10 bitcoin transactions in the world happens in India.
The total revenue of the top 10 exchanges in India could be about Rs 40,000 crore, according to tax officials scrutinising these companies. (Source - ET)
The legal status of Cryptocurrency in India is not clear and it is unregulated. The finance minister has compared the Bitcoin with Ponzi Schemes and denied to accept it as legal tender.
Government is planning to take strict action to protect interests of investors. The income tax department has issued Lakhs of Notices to the High-Income investors to know their Bitcoin transactions and tax liabilities related to Bitcoin transactions.