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Indian tax authority raises concerns over cryptocurrency risks and opposes broader adoption
India’s tax authority highlighted key risks of cryptocurrencies and joined the central bank in opposing their mainstream entry due to financial stability and regulatory concerns.
The Indian Income Tax Department has publicly flagged significant risks tied to virtual digital assets such as cryptocurrencies, citing threats to financial stability, challenges in regulation and potential misuse for illicit activities. In its statement, the department aligned with the Reserve Bank of India’s cautionary stance and formally opposed the entry and broader acceptance of these instruments in the country’s financial system.