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India's income tax authorities are sending a tax notice to half a million bitcoin users who are trading in encrypted currencies. George Goncalves, head of us interest rate strategy at nomura, argues that this could be the start of a bigger sell-off, largely depending on whether the us tax reform will eventually be approved. The bond market has been sceptical about the prospect of approval. Compared with the Internet boom that preceded the information age, the blockchain era is almost as hot as it was in 1998, and the cryptocurrency world is inviting mainstream participation.