Tax service India started verification of crypto-currency exchanges

The Department of income tax India began testing the cryptocurrency exchanges in the largest cities of the country, reports Bloomberg.

A spokesman for the Department confirmed to the Agency that the checks were held across the country, including Mumbai, Bangalore, Gurgaon and Delhi. She refused to say whether the visits are associated with tax evasion or money laundering.

The price of bitcoin rose this year by about 17 times, so people rushed to buy digital currency in the hope that it will become an alternative to traditional gold or money. Virtual currencies have no legal status in India, and the Central Bank warned citizens from buying or making deals with them. The government of the country with the third in the Asian economy, takes the same position.

According to Bloomberg, which cites local Agency Press Trust, checks are carried out to establish the identity of investors and traders, their transactions and their associated Bank accounts. Information source Press Trust did not disclose.

Recall that in the U.S. the court ordered the cryptocurrency exchange Coinbase to provide the Federal tax service of the USA (IRS) information about users. Previously, the government of South Korea announced the intention to impose cryptocurrency transactions tax.


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