Indian Minister Terms Bitcoin to be Illegal in Parliament
“The absence of counter parties in usage of virtual currencies, including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws,” Minister of State for Finance Arjun Ram Meghwal said.
I wonder whether there'll soon be a regulation stating the dos and don'ts for cryptocurrencies. And if they do tag it to be illegal, how is a common man expected to go about it.
The problem is still Bitcoin kind of crypto currencies are widesly used by drug traffickers and illicit money launderers in a big way. We have to streamline the crypto world, otherwise, the Governments all over the world won't allow it in the mainstream.
Though I partly agree with this, I don't think it's a solution. Pablo Escobar didn't need bitcoins and it's not that such things will stop if you ban bitcoins. If the usage is what makes it a potential threat, I believe guns should have been illegal as well.
Meanwhile, the whole idea of bitcoin is to carry out one-on-one transaction without the intervention of banks or the government.
Now, the Bitcoin is grown out of proportion. And nobody can stop it.
They probably can't stop it but they can declare it illegal.