Indian Supreme Court Calls For Bitcoin Regulation

The Indian Supreme Court has called on the Indian Government to heed the calls for the Cryptocurrency's[Bitcoin] regulation.

The Hindu, a national newspaper reported that the three justices issued a notice to the Central Bank,  the market regulator, the tax department and other related agencies to answer the petition for regulation.

The petition was that Bitcoin,being untraceable when used to carry out transactions between borders is an attractive tool for ransomware attackers and tax evaders and avoiders.

"The lack of any
concrete [control]
mechanism pending
the regulatory
framework in said
regard has left a
lot of vacuum and
which has resulted
in total
and unregulated
Bitcoin (crypto
money) trading
and transactions." Said the petition.

It went on to say that some 2,500 users were adding to the growing 500,000 residents using BTC everyday. As of 3:00pm, Eastern on Wednesday, the exchange rate of BTC to Rupees stood at 470,000.

As a result of its(BTC) adoption, Bitcoin usage may "affect the market value of other commodities".

It cited other countries' attempt to crackdown on the Cryptocurrency. Citing China's crackdown on exchanges and Russia's attempts to block the website as an example.

India has typically be using the 'wait-and-see' approach on Cryptocurrencies. They have been discussing their role in the world's largest democracy but taking no step to regulate or prohibit it.

The government in April set up a committee to study it and propose regulations.

What do you think? Do you support or diagree with calls for regulations on the Cryptocurrencies?

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