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The Indian Supreme Court asks the government to regulate bitcoin

The Supreme Court of India asked the government to respond to the petition asking for the regulation of the use of the main Bitcoin cryptocurrency in the country.

The petition claimed that digital currency could be used to execute intransigent transactions across borders, making it an attractive tool for tax evaders and ransomware.

According to an article in Indian newspaper The Hindu, In mid-November 2017, three Supreme Court justices sent a notice to the central bank, to the market regulator, to the service Taxes and other bodies responsible for India to ask them to respond to a petition. petition reads:

"The absence of any concrete mechanism [control] pending the regulatory framework in this respect left much void and resulted in a total absence of accounting

Other Highlights of the Petition

On the basis of the petition, Bitcoin users in India continue to grow, adding that Bitcoin exchanges in the country add 2,500 users per day and that approximately 500,000 Indian citizens already own Bitcoin interests.These developments could have a negative impact on the market value of other products in the country.

The petition also quoted some of the measures taken by other countries concerning Bitcoin and other virtual currencies, including the campaign against cryptocurrency exchanges in China and the Russian government movement e to block Bitcoin websites.

As a result of these actions, the petition also asked the Supreme Court to intervene

Position of the Indian Government on Bitcoin

The Government of India India has practically adopted a wait-and-see attitude towards the issue of digital currency.

In April 2017, he created a committee to study bitcoin and other cryptocurrencies and how to regulate them at best. However, it has failed to advance concrete measures to regulate virtual currencies.

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