Wednesday, December 13, 2017

As long predicted, now tax on Bitcoin


The taxmen are coming. For your Bitcoins. Saw this on Indian media today. Indian Income Tax officials have begun raiding bitcoin exchanges across the country.  Multiple teams of tax sleuths yesterday, investigating virtual currency Bitcoin's investors and transactions, conducted raids at nine cryptocurrency exchanges in Delhi, Bengaluru, Hyderabad, Mumbai, Kochi, Hapur and Gurugram.



Bitcoin was created as a virtual currency not under the control of any government. But now it seems that definition no longer holds. Exchanges operating in bitcoin will be expected to pay tax just like any other company. And their customers too.

But I think the anonymous miners are still …well, safe. Wondering how they will be taxed.