India’s IT Department Collects User Data From Bitcoin Exchanges

Reserve Bank of India has clarified that it has not given any licence/authorization to any entity/company to operate such schemes or deal with bitcoin or any digital currency."

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The Indian Income Tax Department has visited bitcoin exchanges across the country seeking to identify users.

The agency visited nine cryptocurrency exchanges in cities including Delhi, Pune, Bengaluru, Hyderabad and Kochi.

According to tax department officials, the surveys – conducted under section 133A of the Indian Income Tax Act – were performed in order to collect the identities of digital currency investors, their transactions, the bank accounts used, emails, and other data.

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The survey teams were reportedly armed with an assortment of software tools to capture exchange data, including “cloning and mirror imaging,” and identified the accounts of a number of high-net-worth individuals.

Reserve Bank of India has clarified that it has not given any licence/authorization to any entity/company to operate such schemes or deal with bitcoin or any digital currency.”