FILE PHOTO: Representations of cryptocurrencies are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – The Indian government is looking to tax cryptocurrency trades and ecosystem in the country, news website ET Now tweeted on Monday, citing sources.

The tax department is in favour of taxing crypto exchanges and trades and the government feels that any activity that generates income must pay tax, ET Now reported bit.ly/3AdNx1O.

Reporting by Kanishka Singh in Bengaluru; Editing by Christopher Cushing

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