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India’s Tax Department Labels Crypto Risky, Aligns With RBI Opposition

The Income Tax Department cited concerns over cryptocurrency risks, joining the Reserve Bank of India in opposing its broader adoption in the country.

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Terms & Concepts
  • Reserve Bank of India (RBI): India’s central banking institution responsible for regulating the country’s monetary policy and financial system.
  • Cryptocurrency: A digital or virtual currency secured by cryptography, often operating on decentralized blockchain networks.