Advocate Files for Immediate Regulation of Bitcoin in India

Advocate Bivas Chatterjee filed a public interest litigation (PIL) on Friday in the Calcutta court to immediately regulate the flow of Bitcoin in and out of India, according to local news sources.

In his petition, Chatterjee suggested that cryptocurrencies are predominantly used for nefarious purposes and should be regulated or banned, as in China, as quickly as possible. He said:

“Use of Bitcoin was maximised post demonetisation, when cashless economy was being promoted. In India, law enforcement agencies are confused… Either the government should ban Bitcoin by declaring it illegal like China or there must be a regulatory body to control its flow.”

Anonymity a problem

According to the advocate, Bitcoin is particularly difficult to track, making it the vehicle of choice for illegal financial transactions. He said: […]

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