ED plans to probe Bitcoin exchanges across the country

Taxman and ED are currently pondering upon whether Bitcoin should be treated as a currency or as a commodity

Further tightening its grip on the blockbuster virtual currency of the century, Enforcement Directorate has plans to probe Bitcoin exchanges to check for any violation of Foreign Exchange rules, Livemint reported quoting two officials from the ED.

Prior to this, the Income-Tax department on December 13, conducted surveys in Delhi, Mumbai, and Hyderabad. I-T investigative teams began surveys to gather information related to the dealer’s source of income, bank accounts, and tax liability, among others, amid tax evasion concerns Business Standard had reported.

Although a clarification from the government on Bitcoin regulation and taxation is