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The Indian Supreme Court has asked the central government to bring the process to order bitcoin control system.
According to the Indian daily The Hindu, three judges of the Supreme Court of India – the country's highest court – have sent notices to the ministries of finance, law and justice and technology of the country. Information as well as at the central bank. India) and the market regulator (Securities and Exchange Board of India), demanding that they respond to a petition seeking clarification on the legality of bitcoin in the country.
As reported yesterday, the Supreme Court of India admitted a petition asking the authorities to "regulate the flow of Bitcoin", which, in essence, would mean regulating the nascent Indian industry but in full growth.
Bitcoin is not classified as a legal payment method or financial instrument in India. The official position of the central bank, last revealed in February of this year – a lazy recovery from a previous statement of 2013 – states that the authority has not authorized or authorized companies dealing with bitcoin. Investors or adopters of bitcoin and cryptocurrencies would do so at their own risk, warned the central bank. All the same, bitcoin is not illegal in India either.
The petition, which seeks to end the ambiguity, goes on to say that "domestic bitcoin exchanges have added more than 2,500 users a day and have reached five lakh (500,000) downloads. The lack of regulation has led India's "big four" bitcoin markets to establish a self-regulatory body earlier this year. Since then, the Indian authorities have set up an interdisciplinary "Virtual Currency Committee" to study and develop frameworks for cryptocurrencies in India.
The Supreme Court of India has already asked the government to verify Bitcoin transactions in money laundering and terrorist financing. The petition, which convinced the Supreme Court justices to serve notice on several ministries as well as the central bank, concluded with a call to "give urgent instructions" to regulate the flow of bitcoin transactions "to ensure" that they are responsible.
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