Tax agency and investigation team from India were more concerned with money laundering and black-market activities acquainted with Bitcoin. Counting the issues on decentralized currency, SIT (India’s special Investigation Team) is in the process of drafting the detail report.
India’s special concern on Bitcoin operation
Indian publication reported – the country’s Government agencies linked an illegal activity which they are connecting it to Bitcoin. Furthermore, it is also revealed that the team is drafting report detailing the concern and will be completing this month. The statement processed with the illegal transmissions and money laundering activities.
“There are issues with large investments flowing into this currency,” said a senior tax department official.
However, there had been report revealed on September 13 that “the institutions still feels uneasy regarding Bitcoin”.
“In regard to non-fiat cryptocurrencies, I think we are not comfortable,” explained Sudarshan Sen, Executive Director at the Reserve Bank of India (RBI).
“There are concerns on the way [bitcoin] operates — Some unaccounted money could be flowing into [cryptocurrencies],” explained the source familiar with the matter.
Bitcoin News: Here is latest update on Bitcoin by Indian press
After all these matter, Bitcoin is still thriving in India.
Despite the central Bank’s opinion on Bitcoin, it is still thriving in the nation- according to Unocoin.
“The Indian Bitcoin ecosystem is thriving — In metropolitan cities such as Delhi, Bengaluru, and Mumbai, there are a large number of existing and upcoming bitcoin quarriesthat are running in temperature controlled rooms, around the clock, every day,” explained Unocoin.
Beside other factor, Indian Government still concerns Bitcoin | Bitcoin news
Here is latest Bitcoin news – Tax agency and investigation team from India were more concerned with money laundering and black-market activities acquainted