The threat of cryptos: Unregulated, new asset class can disrupt economy

Cryptocurrencies have gained so much traction in the past year that many governments have been forced to review these instruments.

The income tax department is making a serious effort to unearth the dimensions of cryptocurrency trading in India and tax evasion that may be associated with it. This appears to be part of a concerted effort by the authorities to establish some regulatory control. After a series of surveys of nine major Indian cryptocurrency exchanges, the tax department has established that around $3.5 billion has been traded on these exchanges in the past 17 months. It has sent out notices to hundreds of thousands of individuals who may have been involved in these trades. Although the Reserve Bank of India