Rahul Mehta Gandhinagar LsCandidate

GIVEN :---- Say there is OPEN BITRUPEE which is same as bitcoin except that every user's voter-id is mentioned. and there is also cash and bank as today.
.
Say users of BitRupee keep convention that Rs 100 = 1 BitRupee i.e. if you want 1 BitRupee, then you have to give Rs 100 of cash (not bank cheque)
.
But to income tax officers, every user will lie and say : Rs 1 = 1 BitRupee

i.e. while filing income tax return, all incomes and expenses and made in BitRupee will be shown as if Rs 1 = 1 BitRupee.

eg say a laborer works for a day. Then he will ask for Rs 500 cash or 5 bitrupee. And his employer will pay Rs 500 cash or pay 5 BitRupees. If employer pays 5 BitRupees, then employer will only show expense of Rs 5 in his tax return,. And laborer will show only Rs 5 as income. And say every user of BitRupee honors this rule.
.
The bitrupee has also "I have borrowed and I promise to pay". i.e. when A and B disclose that "A has borrowed Rs 500 cash from B, A and B will write that A has borrowed 5 bitrupees from B and promises to pay". and when B pays rs 500 cash to B, A and B will write that "A has paid 5 Bitrupees to A".
.
So bitrupee users while transacting within each other will be able to underreport income and save taxes
.
-----
.
QUESTION:
.
If you are finmin, how will YOU address this issue?