India: Lawyer Files Litigation For Ban Or Regulation of Cryptocurrencies!
In a latest move that could potentially hamper growth of the crypto market in India, a Kolkata city based lawyer has filed a PIL with the Kolkata High Court demanding that cryptocurrencies to be banned ore regulated with immediate effect. According to him, cryptos are used to money laundering, terror activities and other illegal criminal activity.
According to the report in a leading daily, the lawyer has taken this step owing to a rise in narcotics trade facilitated by Bitcoin.
The lawyer — Bivas Chatterjee, a cyberlaw expert, who is also the public prosecutor for several cyber-crime related cases for state police and CID — said, "It is used to fund and support money laundering, terrorism and tax-evasion. In Bengal, the economic impact of such a decentralised, unregulated and unaccounted parallel economic system is huge."
The move isn't surprising as the Indian government has been sending notices to HNIs investing in cryptos and a section of the government and enforcement agencies have been working to clampdown on crypto dealings in the country.
There isn't a lot of information here other than the court will hear the case on Feb 2, 2018. Taxation and regulation of cryptos are in the news here on a regular basis. Infact, Bitcoin use has increased significantly after the demonetisation.
Will this move lead to some knee jerk reactions leading to a more hostile environment for crypto investors? Only time will tell! Meanwhile let me know what your thoughts are on the matter in the comments below. I'll be writing about how the banking sector is taking Indian exchanges for a ride in my next post.
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It is a very normal reaction generally happens whenever any new thing comes into existence. See when internet was new there was no cyber law and slowly rules and regulations are coming which is good also. Same thing with crypto, it is in nascent phase in India and hope crypto would be more stronger and widely acceptable as people will know its advantage even it is regulated in future.
i hope every country accept cryptocurreny.just we wait bro.
Bitcoin and other cryptos (specifically privacy coins) are certainly used to facilitate money laundering, terrorism and a host of other nasty crimes. But so is the dollar, euro and pound etc but to a much greater extent. I’d he advocating banning these also?
Crypto is nothing more than a tool and in the same way as all tools, can be used in many different ways!
May as well ban internet and phones too, don't want criminals communicating :/
Your thinking is so great hahaaha
But you are telling the truth.
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I would keep an eye on this situation. We saw today that countries creating stricter crypto policies, like Korea, will significantly drop prices across the market. #Buyingopportunity
What a nice way to get some Nice publicly for free as a lawyer!
Hopefully it doesn't lose too much Steem. ;)
That is very interesting,,,the lawyer wont win the case