The year 2017 will be remembered as the year of bitcoin. Super returns, mass speculative hysteria, government discomfort, tax department focus and then a hard landing. If you had Rs1 lakh of bitcoins on 1 January 2017, on 26 December, you would have seen it grow to around Rs10 lakh. In India, while bitcoin remains outside the regulatory reach, the income-tax department is now beginning to send notices to high net worth individuals with bitcoin capital gains. The Enforcement Directorate is looking into possible The Foreign Exchange Management Act (Fema) violations. The hard hand of the law is coming to Bit-town. To understand what happened in 2017, Mint spoke to, Praveen Kumar, chairman and chief executive officer of Belfrics Global SDH, a company that runs bitcoin exchanges in Singapore, Malaysia, Bahrain, Japan, Kenya, Nigeria, Tanzania and India. Edited excerpts:
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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