Indian tax authorities collect user data across multiple Bitcoin exchanges

nRunaway Comment: Indian income tax authorities visit nine cryptocurrencies in Delhi, Hyderabad, Bangalore, Cochin and Pune to confirm user identities. Collect digital currency investor identities, transactions, bank accounts, emails, and more, especially those with high net worth. And now the Indian government does not recognize its legal currency status.n
nTranslation: Annie_Xun
India’s income tax department visited a number of bitcoin exchanges nationwide to confirm user identities.n
Press Trust of India reported that the wide range of actions for the exchange client suspicion of tax avoidance. The agency visited nine cryptocurrencies in Delhi, Hyderabad, Bangalore, Cochin and Pune.n
Agency officials said the investigation was based on section 133A of the Indian Income Tax Act to collect information on digital currency investor identities, transactions, bank accounts, email addresses and more.n
The research team is equipped with various software tools to capture exchange data, including “cloning and mirroring”, to find out some high-net-worth individuals’ accounts.n
Department senior officials said:n
n”Of these transactions, 800,000 to 1 million entities are active, but the move is still going on and the final result will come later.”n
nThe department said it is still investigating other cases, a large number of “money” money laundering via Bitcoin in November 2016 during the de-monetization.n
With bitcoin prices soaring, the country’s central bank, the Reserve Bank of India, sounded the alarm to release risk forecasts to cryptocurrencies “users, holders and traders.”n
Arun Jaitley, the country’s finance minister, recently clarified that the government does not recognize Bitcoin as a legitimate currency and that financial regulators and governments are “proposing” to develop cryptocurrency regulation.n
At that time, he said: “The government has a clear position. At present, we do not recognize it as a legitimate currency.”n

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