Here is a news to the cryptocurrency enthusiasts in India. The Indian government has put up a proposal to link National IDs like Aadhaar to Bitcoin Exchange.
“A group (which counts seven cryptocurrency exchanges among its members) plans to submit a proposal to the government of India, in which the concerned agencies will be able to look up purchase data for all buyers and sellers on domestic exchanges and trace their activity through their Aadhaar ID or Permanent Account Numbers (PAN).”
says Ajeet Khurana head of Blockchain and Cryptocurrency Committee of the Internet and Mobile Association of India (IAMAI) to the Economic Times
Since the commencement of Aadhar ID, the country’s privacy surveillance concerns have been profound, while PAN still enables citizens and foreign nationals to make financial transactions in India.
Country’s Finance Minister had stated earlier that cryptocurrencies aren’t legal tender,only the national currency Indian Rupee is legal in the country. Also, felonious financial activities with the use of virtual currencies is a punishable offence.
100,000 investors from India has been issued notices asking them to disclose their profits and Bitcoin trading accounts. A plethora of taxes is to be collected from every bitcoin transactions that happen in our country as among every 10 transactions in the world , one is from the Indian territory.
The government panel supervising cryptocurrency activity has been anticipated to share its view to the submitted proposal.