In India a Legal Action has been taken for immediate Intervention of Bitcoin Flow
January 9, 2018 6:57 am
A case has been filed in an Indian High Court by a public prosecutor of cybercrime cases. Insisting that cryptocurrencies promote crime, he calls for their immediate ban or regulation.
The Case Asks Immediate Intervention
Lawyer Bivas Chatterjee, a cyberlaw expert and the public prosecutor for several cybercrime-related cases from the government’s Criminal Investigation Department (CID) came up with the litigation on cryptocurrencies.
The police stated in his filing:
“Drug trafficking, ransomware, extortion and other unlawful activities are being facilitated by the use of cryptocurrencies, which need to be immediately banned or regulated.”
While describing the difficulty in tracking cryptocurrency transactions, he revealed that investigating authorities are facing obstacles while probing crimes involved in the cryptocurrencies or bitcoins due to their unusual features. indicating that, “In India, law enforcement agencies are confused.” He also mentioned that the cryptocurrencies are the perfect facilitators for the crime. and bitcoin’s in India’s currency of choice for drug trafficking, arms, and prostitution business.
He demanded in his PIL:
“Either the government should ban bitcoin by declaring it illegal like [they do in] China or there must be a regulatory body to control its flow.”
Taxation of cryptocurrencies in India
The government has also been repeatedly warning citizens of the risks of dealing with bitcoin and other cryptocurrencies. Anyhow, demand on cryptocurrencies is increasing constantly in India. Besides taxation, the regulators have been actively discussing how cryptocurrencies should be regulated but no official decision has been made.
Taxation of cryptocurrencies has been a recent focus of the Indian government. In December, the tax authority conducted a survey of the country’s top Bitcoin exchanges. Notices were then sent to wealthy cryptocurrency traders informing them of their tax obligations.
“In Bengal, the economic impact of such a decentralized, unregulated and unaccounted parallel economic system is huge.”