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White Collar Journal (February 2018)

The Income Tax Department (IT Department) of India has recently issued notices to thousands of Indian citizens dealing in Bitcoins and other crypto-currencies. The Government had earlier issued warnings against digital currency investments that offer unusually high returns for early investors. The Indian Government does not consider crypto-currencies as legal tender and there are no regulations governing virtual currencies in India. Further, the Reserve Bank of India (India’s Central Banking Institution) has not given any license to any entity to operate such currencies.

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