Modi government has bad news for Indians dreaming of easy money via bitcoins Bitcoin, the cryptocurrency that has become the craze all over the world, is a hit with a lot of Indians too. More than $3.5 billion worth of transactions in the cryptocurrency have been conducted in India over a 17-month period, according to the income tax department. Bitcoin has the allure of any Ponzi scheme with a get-rich-quick promise. Additionally, it can be a new opportunity for hoarders of black money. The profiles of common investors in Bitcoin prove this. They are tech-savvy young investors, real estate players and jewellers, tax officials told Reuters. But the government won't let Bitcoin trap the honest investors or help the black-money industry. While governments across world are not sure what to do with Bitcoin, the Indian government has swiftly acted to rein in Bitcoin and other such currencies. The income tax department has sent tax notices to tens of thousands of people ...
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