I-T Dept Conducts Surveys At Major Bitcoin Exchanges On Suspicion Of Alleged Tax Evasion what is a bitcoin miner

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Since payments in bitcoin can be made without banks and that too anonymously, it is also popular with criminals and others who want to handle money anonymously. It’s also adopted by businesses around the world as a way to pay, but those are few and far between.

In march this year, the government had said that use of virtual currencies like bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.

The RBI has already cautioned users, holders and traders of virtual currency, including bitcoin, about the potential financial, legal and security risks arising from the usage.

The absence of counter parties in usage of virtual currencies including bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws, minister of state for finance, arjun ram meghwal, said in a written reply in the rajya sabha.What is a bitcoin miner

He further said that the creation of virtual currencies like bitcoins as a medium of payments is not authorised by any central bank or monetary authority.

Advertisement opens in new window

Since payments in bitcoin can be made without banks and that too anonymously, it is also popular with criminals and others who want to handle money anonymously. It’s also adopted by businesses around the world as a way to pay, but those are few and far between.

In march this year, the government had said that use of virtual currencies like bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.

The RBI has already cautioned users, holders and traders of virtual currency, including bitcoin, about the potential financial, legal and security risks arising from the usage.What is a bitcoin miner

The absence of counter parties in usage of virtual currencies including bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws, minister of state for finance, arjun ram meghwal, said in a written reply in the rajya sabha.

He further said that the creation of virtual currencies like bitcoins as a medium of payments is not authorised by any central bank or monetary authority.

Advertisement opens in new window

Since payments in bitcoin can be made without banks and that too anonymously, it is also popular with criminals and others who want to handle money anonymously. It’s also adopted by businesses around the world as a way to pay, but those are few and far between.What is a bitcoin miner

In march this year, the government had said that use of virtual currencies like bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.

The RBI has already cautioned users, holders and traders of virtual currency, including bitcoin, about the potential financial, legal and security risks arising from the usage.

The absence of counter parties in usage of virtual currencies including bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws, minister of state for finance, arjun ram meghwal, said in a written reply in the rajya sabha.

He further said that the creation of virtual currencies like bitcoins as a medium of payments is not authorised by any central bank or monetary authority.What is a bitcoin miner

Advertisement opens in new window

Since payments in bitcoin can be made without banks and that too anonymously, it is also popular with criminals and others who want to handle money anonymously. It’s also adopted by businesses around the world as a way to pay, but those are few and far between.

In march this year, the government had said that use of virtual currencies like bitcoins is not authorised by RBI and could result in breach of anti-money laundering provisions.

The RBI has already cautioned users, holders and traders of virtual currency, including bitcoin, about the potential financial, legal and security risks arising from the usage.

The absence of counter parties in usage of virtual currencies including bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws, minister of state for finance, arjun ram meghwal, said in a written reply in the rajya sabha.What is a bitcoin miner

He further said that the creation of virtual currencies like bitcoins as a medium of payments is not authorised by any central bank or monetary authority.