India central bank backs crypto ban, tax department warns of evasion risks, documents show

From brecorder.com

India’s central bank has reasserted a call for a cryptocurrency policy “leaning towards prohibition,” while the country’s tax department warned that trading via offshore exchanges is hard to track, government documents reviewed by Reuters showed. The documents reveal a preference among key Indian agencies to use tighter curbs on virtual digital assets, even though the government has yet to adopt a policy to ban or regulate them. India has allowed cryptocurrencies to exist in a grey zone since a court in 2018 struck down Reserve Bank of India (RBI) policies that effectively banned them. A 2021 draft ... (full story)