NEWS: Bitcoin Exchanges Raided In India! - MnTrendsNews

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Wednesday, 13 December 2017

NEWS: Bitcoin Exchanges Raided In India!

Investigators from India's tax offices have conducted onsite searches at the 9 top Bitcoin exchanges in the country.

Government officials told the Indian News Agency that multiple teams of detectives under the Bengaluru investigation wing surveyed the trading venues in Delhi, Hyderabad , Bengaluru, Gurugram and Kochi.

According to the quoted officials, the action was backed by the section 133A of the Indian Incone Tax Act  for “gathering evidence for
establishing the identity of investors and traders,
transaction undertaken by them, identity of
counter-parties, related bank accounts used,
among others,”

Armed with various financial data and inputs about the working of the exchanges, the team of detectives stormed the exchanges. Reports described the action as the first big action against the exchanges, which suggests that there is more to come.

Reports from India suggest that the government is working on a regulatory and legal framework which will deal with the problems that trading with digital currency presents.

The nation's finance ministry Arun Jaitley in November said:“Recommendations are being worked at. The
government’s position is clear, we don’t recognize
this as legal currency as of now.” This came after
the Supreme Court of India issued a notice to the
nation’s central bank and related financial
ministries to hasten their regulatory mechanisms
with regard to bitcoin."

See Also: Britain Begins Investigation On Bitcoin

There are fears that this will lead to the trade being called illegitimate. However in sone other quarters, the fears are that the focus will be ICO ponzi schemes as they have been receiving the heat recently.

What do you think? Are there fears in your country concerning tax agencies and Cryptocurrencies? Do you think Bitcoin has a future in India? Please share your comments and subscribe to our newsletter for information on Bitcoin

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