latest news about cryptocurrency in india IBNNews
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latest news about cryptocurrency in india IBNNews
Here is a news-style article written in simple English, with short sentences, on the latest cryptocurrency news in Indi the most recent news timestamped in sources.
A Wave of Crypto News in India
India’s crypto world sees many big developments today. The news covers taxes, scams, industry demands, promotions, and more. Below are the main stories.
1. Income Tax Department Cracks Down on Crypto Traders
On August 8, 2025, the Hyderabad Income Tax department found major tax evasion by crypto traders. These traders used trading bots to do arbitrage with Tether (USDT) across exchanges. The bots bought low and sold high to earn small but steady profits. But many did not declare this income. Some even tried to claim deductions or offset losses. This is illegal under Section 115BBH of the Income Tax Act. Notices will be sent to those who broke the rules.(The Times of India)
This is a strong reminder. All crypto earnings must be reported. No deductions, no loss offsets.
2. Tax Department Collects ₹437 Crore Using AI
India’s tax department is using AI and data analytics to track crypto income. This effort has led to ₹437 crore collected in taxes from crypto-related activities. The system is now smart. Traders cannot easily hide their earnings. The message is clear: report, or face penalties.(The Economic Times)
3. A Housewife Scammed of ₹1.6 Crore via Fake Crypto Job
A sad case from Hyderabad. A 54-year-old housewife lost ₹1.6 crore playing a fake crypto investment scam. It started with a WhatsApp message about easy money. She joined a Telegram group. A fake website “mint-9fx.pages.dev” promised returns. At first, small returns came. She invested more. But later, scammers asked for an “unfreeze fee.” That turned out to be false. She reported it on August 2, and police registered a case. The funds ended up in 30 different bank accounts.(The Times of India)
This is a warning. Be very careful of job offers tied to crypto. Scams can appear real.
4. Crypto Industry Pushes for Lower Taxes
India’s crypto industry wants lower taxes now. Current rates are high—a 30% tax plus 1% transaction levy. This has driven over 90% of crypto trading overseas. But now the mood may be shifting. Donald Trump’s return as U.S. president, and his crypto-friendly tone, have eased New Delhi’s stance somewhat. Exchanges like CoinSwitch now talk more with policymakers. They propose a smaller 0.1% transaction tax. Global players like Binance and Coinbase have returned to India. The industry hopes for growth to $15 billion by 2035.(Financial Times)
It shows demand is still strong. But costs need to come down for it to thrive.
5. “Crypto Summer” Promo: Win High-End Gadgets
In a lighter note, 1xBet runs a “Crypto Summer” campaign. Users who deposit crypto can win gadgets like the iPhone 16 Pro Max, Samsung Galaxy S24 Ultra, or Apple Watch Ultra 2. The promo runs until August 31, 2025. India’s youth love crypto. Over 70% of users aged 20–35 use crypto exchanges. In Q4 2024, India's trading volume jumped to $1.9 billion, and it may reach $15 billion by 2035.(Indiatimes)
Summary Table: Five Key Developments
| Story | Main Point |
|---|---|
| Tax Evasion Crackdown | Hyderabad IT found bot-based crypto evasion. Notices to follow. |
| AI-Powered Tax Collection | ₹437 crore collected using AI. Enforcement is rising. |
| Crypto Investment Scam | Housewife lost ₹1.6 crore in fake job-crypto scam. |
| Industry Seeks Tax Relief | Crypto lobby pushes for lower tax amid high current rates. |
| Marketing Push | “Crypto Summer” promo draws interest among young users. |
Why These Stories Matter to You
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Taxes Are Real and Strict
Both traders and investors must follow rules. AI surveillance and stricter laws show the government is serious. -
Scammers Are Active
Even common people can fall victim. Always verify job offers or investment plans. If something feels off—stop. -
Industry Hopeful but Watchful
There is still interest in crypto. But big taxes have slowed growth. A change in policy might help. -
Crypto Goes Mainstream
Big prizes and fun promotions show crypto is not niche anymore. Young people use it a lot. India plays a big part.
Final Thoughts
India’s crypto landscape in August 2025 is full of action. Authorities are tightening the rules. Scammers remain crafty. Industry players press for relief. And popular culture embraces crypto.
If you want to stay safe and smart:
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Always pay the correct tax.
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Be alert to scams.
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Watch regulation changes.
Would you like to explore any story more? Maybe the legal side, tax details, or tips to avoid scams?
Let me know—I’m happy to help!
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