Technology is on the rise , as time has gone by we have witnessed digitalization everywhere. The latest field to get digitalized is currency. Its name is Crypto currency. Especially in the past couple of months popularity of crypto currency has seen an ultimate boom. Bitcoin being the most famous of all.
India’s Central tax authority is trying to find a way to tax transactions in Bitcoins. Although Central bank (RBI) has warned against using such virtual currencies. The sudden increase in popularity of Bitcoins means that there are a large number of daily transactions and the number of transanctions have only increased.
“Income tax department has already launched surveys in cities of Delhi, Mumbai, Pune and Hyderabad.” spokeswoman Surbhi Ahluwalia told NDTV.
Ahluwalia also told “We are looking at collecting information about modus-operandi of Bitcoin exchanges, investors, their source of investment and possibility of collecting tax,”
Rapidly increasing value of Bitcoin even grabbed RBI’s attention which said that it is concerned about Bitcoin when it almost hit an all time high value of 11800$.
To make a decision on India’s stand on cryptocurrency government has set up a panel. While RBI has already said that it has not licensed any company to deal in such cryptocurrencies and the users are doing it at their own risk.
Bitcoin has been in a great demand specially in the last couple of months its demand has seen a humongous rise. The value has multiplied itself by 20 over the past 12 months when it strike almost 19000$ on 8th December..