The indian department of taxes has visited many platforms, exchange of crypto-currencies through the country to check the activities of the users. This large-scale operation was conducted in the framework of an investigation on suspicions of tax evasion of some users.
The fight against money laundering
This government agency has visited nine centers of crypto-currencies in cities such as Delhi, Pune, Bengaluru, Hyderabab and Kochi. According to the officials of the tax service, the surveys, conducted under section 133A of the indian law on income tax, have been carried out in order to obtain the identity of those who invest in crypto-currencies, but also the bank accounts used, the e-mails and other sensitive data. The investigators were equipped with a set of software in the accomplishment of their mission. In particular, they have used “cloning and imaging mirror” and were able to identify the accounts of a number of wealthy individuals.
The indian leaders want to establish a clear regulatory framework
The department of taxes said that he was also looking for cases of money laundering through Bitcoin. Also, with the recent soaring price of Bitcoin, even the indian supreme Court expressed concern about the absence of a regulatory framework around crypto-currencies. Subsequently, the Reserve Banf of India, the country’s central bank, has warned citizens about the risks associated with crypto-currencies. The minister of Finance of the country, Arun Jaitley, has also clarified that the government does not recognize Bitcoin as a legal currency, adding that the government is currently working on “recommendations” to regulate crypto-currencies. “The government’s position is clear. At the present time, we do not recognize the crypto-currencies as a legal currency, ” he said at the time.
Source : Coindesk