By Abhimanyu Ghoshal
Indias looking to get to grips with cryptocurrencies so it can tax transactions, reports Reuters.
A spokesperson for the countrys Income Tax Department said that the agency has launched surveys in a number of major cities to learn more about how citizens are trading Bitcoin on exchanges, as well as how investors are betting on the currency, and how it might collect taxes from them.
With that, the climate in India seems like it might rain on cryptocurrency enthusiasts parade. One of the big draws towards investing in Bitcoin and the lot is that theyre not governed by countries or agencies around the world.
The Reserve Bank of India isnt altogether keen on citizens dabbling in these currencies, as they arent regulated. Their volatility is also a source of concern: since the beginning of November, Bitcoins value has jumped from $7,000 to over $16,460 today.
Itll be interesting to see how India navigates this: as one of the largest developing and fast-growing economies in the world, other countries will likely look to it to learn how they should regulate, and maybe even tax cryptocurrency transactions within their borders.
Featured image credits: Coindesk