I-T department flags major risks of cryptocurrencies, joins RBI in cautioning against VDAs

The Income Tax Department has raised major concerns over virtual digital assets (VDAs), including cryptocurrencies, echoing the Reserve Bank of India’s cautious stance. Officials highlighted risks such as anonymous, cross-border, and near-instant transfers, use of offshore exchanges, private wallets, and decentralized platforms, which make tax tracking and enforcement extremely difficult.

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