India's Supreme Court Calls on Government to Regulate Bitcoin
The Indian Supreme Court has asked the government to respond to calls to regulate bitcoin.
Three justices issued a notice to the central bank, the market regulator, the tax department, and several other agencies, asking them to answer a petition on the matter, the Hindu, an Indian newspaper, reported Tuesday.
The original petition to the court expressed concern that bitcoin can be used to conduct transactions across borders without a trace, making it an attractive tool for ransomware attackers and tax cheats.
According to the petition:
"The lack of any actual [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (crypto money) trading and transactions."
The petition goes on to state that bitcoin exchanges in India add 2,500 users per day, and that some 500,000 residents now hold bitcoin. As of 3:00 p.m. Eastern on Wednesday, the exchange rate between Indian rupees and bitcoin was more than 470,000.
As a result of its adoption, bitcoin usage may affect "the market value of other commodities," according to the petition, which pleaded with the court for an "urgent direction" for the government to intervene.
The petition noted that some countries are beginning to either regulate or ban bitcoin, citing China's crackdown on exchanges and Russia's attempts to block bitcoin websites.
India has typically adopted a "wait-and-see" stance on cryptocurrencies, discussing their role in the world's largest democracy but not taking concrete steps to regulate or prohibit them.
In April, the government formed a committee to study cryptocurrencies and propose new regulations.
I think it is nessary to take step regarding this bitcoin.pls comment your openion.
Done
i know what all countries thing about bitcoin, they take bitcoin as a risky thing for their economy , it may reduce economic growth , lots of fraud ico and scam sites , anoymity of the users while transacting bitcoins , illegal activities and transaction via bitcoin , there are the major issues according to all countries(except some countries) .
According to my opinion, there must be a new technology implemented , which is, on transaction id there should be shown two identities of receiver and sender , there must be shown receiver's and sender's details(their name their address exactly on the kyc documents)
Done https://www.steemit.com/@nhshohan
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Done
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nice bro very important information
Government is unaware of this technology. Bitcoin is unstoppable and unbannable