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India tax authorities warn crypto undermines tax enforcement
📰 sources⭐ 9.0
TL;DR:
Officials told a parliamentary panel that private wallets, offshore exchanges and cross-border DeFi activity make tracking taxable crypto income difficult.
Key Points:
Background:
Decentralized Finance (DeFi) refers to financial services built on blockchain networks that operate without traditional intermediaries like banks. DeFi protocols enable lending, borrowing, trading, and earning yield on cryptocurrency assets through smart contracts.
Why It Matters:
DeFi represents a fundamental reimagining of the financial system, offering permissionless access to financial services globally. DeFi developments impact how value is exchanged, stored, and utilized in the crypto ecosystem, driving innovation in financial products and services.