Accounting and Taxation of Bitcoins considering the recent ransomeware attack.
Accounting and taxation of Bitcoin transactions The recent ransomware attack has had a severe impact on India. While many of them are aware of such an attack, very few of them are privy to the information that the ransom was demanded to be paid in bitcoins. The reason why hackers chose bitcoins maybe due to the anonymity factor available in bitcoin transactions. Even though all the transactions made through bitcoins are double checked and recorded publicly, there is a level of security available to the bitcoin wallet holder regarding his identity. Here is a brief introduction about bitcoins for those not familiar with how it works. Introduction to bitcoins Bitcoin was one the first of its kind, of cryptocurrencies. It does not have a governing body or a physical presence. It is also identified as the first decentralised virtual currency. It is said to be developed by a programmer or group of programmers only known as Satoshi Nakamoto who set up the websi