What are your thoughts about the recent surveys conducted by the I-T department at Bitcoin exchanges across the country. Do you see it as an attempt by the authorities to exercise unnecessary control and undermine the free spirit of Bitcoin.
The surveys were conducted to know the current status of funds underlying with exchanges in the form of btc deposits and fiat. It was just a pre-course for upcoming btc taxation policy and shouldn't be consider as unnecessary control.
Government has cleared its intention that Bitcoin will be consider as Intangible Asset (not money). So as in case, Bitcoin is subject to two types of taxation:
1. Capital Gains: People who made gains due to btc rise have to pay taxes on their gains.
2. Business Taxes: Companies doing business with Bitcoin as their main asset have to pay taxes.
So there is nothing to be fear. It has turned necessary to have a check and taxation on Bitcoin. We have heard a Money Laundering case from an owner of big Indian Exchange few years ago. There maybe more cases!