Bitcoin joins rival Indian politicians in a call against legalization

Aversion to cryptodivisa comes from its possible use for money laundering, shady business, and the financing of terrorism. This occurs at a time when India evaluates Bitcoin's possibilities in a regulatory framework

Some Indian politicians are urging the government not to legalize Bitcoin. This is happening at the same time that a series of reports say that the criptomonedas could be regulated and taxed in the country in the near future.

According to a report by The Economic Times , India's largest financial news newspaper, "many" politicians raised concerns about the possible legalization of Bitcoin by the government, announced at a meeting of the Standing Parliamentary Finance Committee .

The Finance Ministry of India ( FinMin ) established an intergovernmental committee to study and investigate the legal frameworks of digital currencies around the world. The committee will finally recommend a course of action for the future regulatory and legal of digital currencies, such as Bitcoin , in India. The government has also invited citizens to comment and discuss virtual currencies on a government portal. The suggestion box has been open for a week and closed yesterday, May 31.

Politicians, and also parliamentarians, said that Bitcoin " could become a parallel money instrument for black money laundering and dubious transactions, as well as a source of terrorist financing . "

Nevertheless , Bitcoin achieved the prowess of uniting the politicians of the opposition parties that have been related to each other by their disdain towards the currency.

Kirit Somaiya, a member of the ruling party of India, BJP , demanded to know the Prime Minister of India - the BJP leader - whether the virtual currency committee is " properly reporting " on the " flipside " of cryptoconversion. Somaiya raised the issue in the Indian Parliament in March, even qualifying Bitcoin as a " pyramid scheme ". In April, he clearly demanded that cryptography be declared illegal.

Dinesh Trivedi, a politician affiliated with Congress Party, the traditional rival of BJP , stated during the meeting that " today, data is the new oil and Bitcoin is the rescue financing platform ."

In particular, parliamentarians also urged officials of the Ministry of Finance not to legalize cryptography, according to the report.

As is the case, Indian authorities are planning a regulatory framework for cryptography, which includes investor taxes.