The indian supreme Court has asked the government to respond to calls for regulation of Bitcoin. Three judges issued a notice to the central bank, the department of taxes, and several other agencies, asking them to respond to a petition on the subject, reported on Tuesday, the newspaper indian Hindu.
The supreme Court increase the tone
The notice of the original Court has expressed its concern regarding the ability to conduct transactions in Bitcoin across borders without a trace, which makes it appealing for hackers and the tax evaders. According to this petition : “The absence of any mechanism of control concrete in the meantime the regulatory framework in this regard has left a lot of empty, which has resulted in a non-accountability and total transactions of crypto-currencies are not regulated. “The notice adds that the trade of Bitcoins in India attract 2,500 users per day and that 500 000 residents now hold Bitcoins.
India is “wait and see” vis-à-vis the crypto-currencies
The opinion of the supreme Court also notes that, following its adoption, the use of Bitcoin may affect ” the market value of other products “. The Court pleaded with the court for a “directive” urgent for the government to intervene. One of the arguments advanced by the supreme Court is that some countries are moving to regulate or ban Bitcoin, citing the case of China and Russia. India has generally adopted a wait-andsee attitude vis-à-vis the crypto-currencies. The country talk a lot, but does not take concrete action. In April, for example, the government has formed a committee to study the crypto-currencies and to propose new regulations. However, up to now, we still failed to see concrete proposals on the part of this committee.
Source : News.Bitcoin