A notice was issued by the Supreme Court of India to the country’s central bank and associated finance ministries on 13th November 2017 for ordering them to hasten their regulatory dealings in regard to bitcoin. Concerns about the lack of crypto controls in India along with its association with money laundering had sounded alarms in the bureaucratic circles of India.
The latest petition released by the Supreme Court of India termed as “Lack of any concrete mechanism pending the regulatory framework,” asserts, that there is “a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (crypto money) trading and transactions.”
Advocate Dwaipayan Bhowmick has urged that the regulatory bodies of India need to be compelled to “control the flow of Bitcoin by forming a committee to frame an appropriate mechanism to regulate the same.”