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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