Virtual crypto currency exchanges have emerged as the new tax havens laundering large amount of illegal cash with anonymity as more than Rs 4,000 crore of such transactions have been unearthed by ED in the past one year alone. The government listed a bill in Parliament to ban all private crypto currencies not only to curb increasing instances of money laundering in the country using the virtual currency but also to meet the standards set by FATF, the Paris-based intergovernmental watchdog.
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