In India An Attorney Demands Regulations On Crypto Coins

In India An Attorney Demands Regulations On Crypto Coins

India has joined a long queue of countries working on legislations and regulations of cryptocurrencies. The fact that large amounts of money are transferred on a daily basis without any monitoring has attracted the attention of the authorities.

South Korea Bans Anonymous Accounts From Trading
Cryptocurrency Causes Conflict Between The Korea’s
South Korea Bans Cryptocurrency Trade

India has joined a long queue of countries working on legislations and regulations of cryptocurrencies. The fact that large amounts of money are transferred on a daily basis without any monitoring has attracted the attention of the authorities.

Recently, Bivas Chatterjee, an Indian lawyer, has filed a public interest litigation (PIL) in order to provoke the authorities to regulate digital assets. Chatterjee who also serves as a government officer for cyber-crime cases filed his petition in Kolkata’s high court. In his PIL he underlines that cryptocurrencies are often pivotal in drug trafficking and money laundering among other illegal activities. This is why he demands the authorities take serious action towards their regulation.

Prior to the petition filing, the National Control Bureau arrested two youngsters for trading drugs in the dark web with the help of bitcoin. The arrest took place last month in the city of Kolkata. Bivas Chatterjee is concerned that the decentralized and anonymous nature of digital money makes them perfect for funding terrorists and tax evasion. It’s even easier for criminals when no one monitors their actions in the parallel economic universe.

The advocate states in his petition that the government should act appropriately in forming a tight unit consisting of professionals from various fields. The newly established team will have the priority to regulate and legitimate digital money transfers. He further adds that the lack of control from authorities causes the rise of cryptocurrencies’ prices. According to Indian Express, Chatterjee is for banning crypto coins if no regulatory body is formed.

Rumor has it, the court will hear the case in the beginning of February.

Bivas Chatterjee’s petition is not the first far cry. Back in April 2017, a group of central bank and government officials developed a plan for legislating digital currencies. Half a year later, the supreme court in India also hinted the government should take serious actions.

It was only recently that Arun Jaitley, India’s finance minister, announced the authorities are working on a solution. Moreover, the government does not recognize Bitcoin as legal tender.

COMMENTS

WORDPRESS: 0