This is not an easy time to be a cryptocurrency backer in India, nor to be Ripple anywhere in the world. So spare a thought for Navin Gupta, the managing director of Ripple India.
In February, Indian finance minister Arun Jaitley announced in his budget speech that he would launch a crackdown on the use of cryptocurrencies, saying: “The government does not consider cryptocurrencies as legal tender.”
It has since issued 100,000 tax notices to cryptocurrency investors suspected of concealing profits.
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