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The story that Bitcoin victims are being sold is one in which, on the basis bitcoin we cannot trust government-issued currencies, Bitcoin is the future of money. Virat Kohli fined for breaching ICC code of conduct. PM Modi Feb 01, How South Africa tearaway Article Ngidi, fast from start, was fast-tracked into l China has become india dominant Bitcoin-mining nation with times provinces providing ultra-cheap energy to miners. Companies failing to file I-T returns to face prosecution.
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Olympic confusion as CAS lifts doping bans on 28 Russians. Elon Musk wants to know the selling price of Twitter. With Bitcoin supply constrained and increasingly falling short of demand, instead of functioning as a currency, Bitcoin is a speculative empty asset. Bitcoin goes on wild ride and it may only get crazier. China had clamped down on cryptocurrencies, directing its two largest bitcoin platforms, BTCC and OKCoin, to stop all trading operations.
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Technicals Technical Chart Visualize Screener. Chargesheet names four Chandigarh govt school teachers. Experts are warning that bitcoin is a bubble about to burst, but things might get crazier before it does. History is repeating itself now with Bitcoin. Fill in your details:
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PTI adds During the Question Hour in Rajya Sabha, DMK member Kanimozhi wanted to know whether the government was considering regulating crypto-currencies such as bitcoin and ethereum, as India "accounts for more than 11 per cent" of such trade globally.
Jaitley emphasised that the Centre's consistent position was that such currencies were not legal tender. A committee under the chairmanship of secretary, department of economic affairs, is deliberating over all issues related to cryptocurrencies to propose specific actions to be taken," he said. He said while repeated message was being given that such currencies are not legal tender, more detailed steps would be taken once the report of the committee is submitted.
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Fill in your details: Will be displayed Will not be displayed Will be displayed. Drag according to your convenience. The income-tax authorities have conducted surveys on brokers of Bitcoin across the country in the first major swoop on virtual currencies owing to suspicion of tax evasion. The surveys on nine virtual currency exchanges in Bengaluru , Hyderabad , Mumbai, Delhi and Kochi are aimed at ascertaining the source of funds and tax evasion, if any, following recent reports of large-scale encashing of cryptocurrencies, a Central Board of Direct Taxes official told ET.
The surveys have been conducted under Section A of the Income Tax Act, according to the official, who said the Income Tax Department is not concerned with the legality aspect of Bitcoins.
Bitcoin price has crossed Rs 11 lakh in India, setting alarm bells ringing among the authorities. The Reserve Bank of India , which had earlier cautioned cryptocurrency users, recently issued another strong warning on virtual currencies. However, the government of India has yet to clarify its stance on the legal status of Bitcoins. China had clamped down on cryptocurrencies, directing its two largest bitcoin platforms, BTCC and OKCoin, to stop all trading operations.
The surveys, the official said, are largely aimed at gathering evidence for establishing the identity of investors and traders, transactions undertaken by them, identity of counterparties and related bank accounts used. The survey teams, another official said, are armed with various financial data and inputs about the working of these exchanges, and that this is the first big action against them in the country.
Bitcoin, a virtual currency, is not regulated in India and its circulation has been a cause of concern among central bankers the world over for quite a while now. A finance ministry interdisciplinary committee had in a report advised caution on virtual currencies, and the Enforcement Directorate and tax authorities had been keeping a watch on them for some time. Read more on Bitcoin. China unveils vision for 'Polar Silk Road'. A bank recap plan that's easy on taxpayers.
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