India: Lawyer Files Litigation For Ban Or Regulation of Cryptocurrencies!
In a latest move that could potentially hamper growth of the crypto market in India, a Kolkata city based lawyer has filed a PIL with the Kolkata High Court demanding that cryptocurrencies to be banned ore regulated with immediate effect. According to him, cryptos are used to money laundering, terror activities and other illegal criminal activity.
According to the report in a leading daily, the lawyer has taken this step owing to a rise in narcotics trade facilitated by Bitcoin.
The lawyer — Bivas Chatterjee, a cyberlaw expert, who is also the public prosecutor for several cyber-crime related cases for state police and CID — said, "It is used to fund and support money laundering, terrorism and tax-evasion. In Bengal, the economic impact of such a decentralised, unregulated and unaccounted parallel economic system is huge."
The move isn't surprising as the Indian government has been sending notices to HNIs investing in cryptos and a section of the government and enforcement agencies have been working to clampdown on crypto dealings in the country.
There isn't a lot of information here other than the court will hear the case on Feb 2, 2018. Taxation and regulation of cryptos are in the news here on a regular basis. Infact, Bitcoin use has increased significantly after the demonetisation.
Will this move lead to some knee jerk reactions leading to a more hostile environment for crypto investors? Only time will tell! Meanwhile let me know what your thoughts are on the matter in the comments below. I'll be writing about how the banking sector is taking Indian exchanges for a ride in my next post.
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It is a very normal reaction generally happens whenever any new thing comes into existence. See when internet was new there was no cyber law and slowly rules and regulations are coming which is good also. Same thing with crypto, it is in nascent phase in India and hope crypto would be more stronger and widely acceptable as people will know its advantage even it is regulated in future.
i hope every country accept cryptocurreny.just we wait bro.
Bitcoin and other cryptos (specifically privacy coins) are certainly used to facilitate money laundering, terrorism and a host of other nasty crimes. But so is the dollar, euro and pound etc but to a much greater extent. I’d he advocating banning these also?
Crypto is nothing more than a tool and in the same way as all tools, can be used in many different ways!
May as well ban internet and phones too, don't want criminals communicating :/
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But you are telling the truth.
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When there are so many poor people and fewer and fewer jobs on the way, how can you not expect some illegal activity. By promoting crypto instead of hamperin* it, you are encouraging a road towards ending poverty and therefore many undesirable activities.... facepalm.
I would keep an eye on this situation. We saw today that countries creating stricter crypto policies, like Korea, will significantly drop prices across the market. #Buyingopportunity
The first ones committing those type of crimes are politicians themselves with their inflationary fiat money and debts they will never pay.
It’s ironic they start to cry now that they see their power slipping through their fingers.
Its kind of surprises me when they(leaders) who trade on the crypto world turn their back to mock at it to the poor, never to invest and its a bubble wow very disappointing with the indian leaders @firepower