India said it sent tax notifications to tens of thousands of people involved in cryptographic money through the income tax department.
India crypto money transactions at very high levels
According to a statement from the department, a nationwide survey carried out over $ 3.5 billion over a 17-month period.
Tax officials added that among investors in Bitcoin and other virtual currencies, they are young investors, real estate investors and jewelers specializing in technology.
It was also noted that the data came from information from nine stock markets in Mumbai, Delhi, Bengaluru and Pune.
Governments around the world are dealing with how to regulate crypto money trade. Politicians are expected to invest their money in the G20 summit to be held in Argentina in March.
No restrictions yet
There are no limitations so far in a sector estimated to have 200,000 active users per month in India.
Balakrishnan, assistant general manager of the investigation of the income tax department, said that after the survey was conducted to assess the penetration and models of the crypto money business, notifications were sent.
The tax office requested tax payments over the capital gains of those in other crypto currencies, such as Bitcoin, Ethereum and Ripple.
Balakrishnan said:
We saw that investors did not reflect these investments in tax rebates, and in many cases this investment, the account did not participate.
Bitcoin, the world's largest Blockchain-based crypto money, gained 1,700% last year.
