Cryptocurrency Providers raided in India. Crypto to BAN in INDIA ?

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One of the big name in #Crypto Currency platform in India is WazirX which was recently been raided on account of massive GST evasion. This can be a BIG concern as to how other platforms are operating in India and the laws & regulations to be put in place. 

Since the happening of this event, Directorate General of GST Intelligence is been on high tide and have heavily came down on #Cryptocurrency Exchanges operating in the country. 



As per report published by ANI, "Around half dozen offices of Cryptocurrency Service Providers have been searched and massive Goods and Service Tax (GST) evasion has been detected by DGGI".

If you're not familiar with the term Cryptocurrency platform then this means wallets or exchanges alike #NSE, #BSE where one can transact with digital assets like #Bitcoin, #Ethereum, #Dogecoin etc. The consumers can also store these digital assets in their wallet. 



Coming back to tax evasion, sources also states that around ₹ 70 crores worth of tax evasion has been tracked down during the current series of raids by Mumbai CGST and DGGI. 

News are that DGGI  is investigating Coinswitch Kuber by M/s Bitcipher Labs LLP, CoinDCX by M/s Neblio Technologies Pvt Ltd., BuyUCoin by M/s I Block Technologies Pvt Ltd. and Unocoin by M/s Unocoin Technologies Pvt Ltd.

With so many tax evasion going on, it will be a point of concern for the departments to put a firm control on the platforms to regulate the digital assets transactions and along with this assuring that consumer's money is safe.

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