Bitcoin exchanges under IT radar, survey at 9 exchanges across the country

Many restaurants too have started accepting bitcoins as currency in exchange of goods and services in Bengaluru and Mumbai.

Officials of the Karnataka Investigation Directorate are in the process of identifying those trading in bitcoins. Surveys are being conducted at all prominent Bitcoin exchanges across the country.

The survey under 133A of Income Tax Act is being carried out to gather evidence for establishing the identity of the investors and traders. "Evidence is being collected on transaction undertaken by those dealing in Bitcoins, the identity of the counterparties, related bank accounts used, etc," said an official of the Income Tac department confirming the survey.

The survey is being conducted at nine prominent Bitcoin exchanges across the country. The survey is not a raid but a procedure to collect information and money trail behind the cryptocurrency.

OneIndia News