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Bitcoin’s skyrocketing price has triggered a wave of warnings from regulatory institutions including The European Central Bank (ECB) .
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has urged India’s government to take legislative action against bitcoin.
Investigators from the income tax department of India have conducted onsite searches at the offices of the country’s top nine bitcoin exchanges early on Wednesday morning, Bitcion.com News reported.
Offices in Delhi, Bengaluru, Hyderabad, Kochi, and Gurugram were targeted.
From Bitcoin.com:
The teams of detectives are said to be armed with various financial data and inputs about the workings of the exchanges. Reports called this the first big action against the exchanges operating in the country, suggesting that more is to come.
The Hong Kong Securities and Futures Commission (SFC) have also been prompted to warn traders of the risks posed by trading unregulated Bitcoin futures markets.
Crypto-currencies make up as much as 40% of all transactions at online gambling websites operating in so-called “grey markets”.
- Aaron Goldstein, Gambling911.com
