Indian Lawyer Files Petition For Immediate Bitcoin Regulation- Unkrypted

by Ricky Makan Co-Founder at Unkrypted

According to local news sources,

Calcutta-based Advocate Bivas Chatterjee has filed a public interest litigation (PIL) on Friday (5th January 2017) in the Calcutta court to immediately regulate the flow of both Bitcoin in and out of India,

In his petition, Chatterjee implied that cryptocurrencies are mainly used for nefarious purposes and ought to be controlled or prohibited like China, as quickly as possible.

He explained:

Use of Bitcoin was maximised post demonetization when the cashless economy was being promoted. In India, law enforcement agencies are confused… Either the government should ban Bitcoin by declaring it illegal like China or there must be a regulatory body to control its flow.

Secrecy a Problem

According to the advocate, Bitcoin is very hard to monitor, which makes it the vehicle of choice for illegal monetary transactions.

He stated:

Cryptocurrencies promise fast and anonymous fund transfers at a low cost. Such transactions are really difficult to track..cryptocurrencies are perfect facilitators for crime because of its anonymity investigating authorities are facing hurdles while probing crimes involving crypto-currencies or Bitcoins.

The statements given by Chatterjee reflect an increasing belief that Bitcoin along with other crypto-currencies are excessively anonymous and volatile for authorities to prevent regulating them while some calling them Ponzi schemes.

But, other markets like Japan has adopted Bitcoin as the payment system of the future.