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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It is a very normal reaction generally happens whenever any new thing comes into existence. See when internet was new there was no cyber law and slowly rules and regulations are coming which is good also. Same thing with crypto, it is in nascent phase in India and hope crypto would be more stronger and widely acceptable as people will know its advantage even it is regulated in future.
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i hope every country accept cryptocurreny.just we wait bro.
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Bitcoin and other cryptos (specifically privacy coins) are certainly used to facilitate money laundering, terrorism and a host of other nasty crimes. But so is the dollar, euro and pound etc but to a much greater extent. I’d he advocating banning these also?
Crypto is nothing more than a tool and in the same way as all tools, can be used in many different ways!
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May as well ban internet and phones too, don't want criminals communicating :/
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Your thinking is so great hahaaha
But you are telling the truth.
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they really worth reading l mean the previous ones.thanks fo sharing
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I really want to develop on STEEMIT and I'm new at STEEMIT.
I would be very happy if you would support me so that I could move forward. Thanks!
If I can, I'll gladly support you too, let me know how you want me to do it.
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I would keep an eye on this situation. We saw today that countries creating stricter crypto policies, like Korea, will significantly drop prices across the market. #Buyingopportunity
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What a nice way to get some Nice publicly for free as a lawyer!
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Hopefully it doesn't lose too much Steem. ;)
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That is very interesting,,,the lawyer wont win the case
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Thanks for sharing
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Banning cryptos or regulating it will give the government greater control over their finances.
Nowhere in the world that crime do not exist, or where people do not try to evade tax.
Tax evasion had been going on for years even on fiat and some other digital currencies.
The government shouldn't use crypto currencies as an excuse for tax evasion by the citizens.
They need to do their job.
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If someone is a criminal, how would making crypto illegal stop them in any way? - they're already criminals! How could you possibly enforce a ban?
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no creo q ese abogado gane ademas eso ya es un hecho, el mundo gira alrededro de eso ya
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This is a big issue at hand in india, i hope this won't hamper the growth of cryptocurrencies globally
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When there are so many poor people and fewer and fewer jobs on the way, how can you not expect some illegal activity. By promoting crypto instead of hamperin* it, you are encouraging a road towards ending poverty and therefore many undesirable activities.... facepalm.
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I'm sorry to see this. I view crypto and the Steemit platform as a way to help lift people in developing nations out of poverty. One well-written post could generate the equivalent of a weeks wage.
I picture someone going to a library and using their computers to share accounts about village life. A number of people like me upvote it and they have a way to make a living. Nations need to embrace the new reality. Crypto isn't going away. In the future, I see the end of fiat. Which country will be the first Crypto-Nation?
source
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Always the excuse of money laundering and terrorists!
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Bitcoin can not and will not have blood in the veins of the Internet
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btc can not because it is blood in internet
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Brit upfot lah la 3th lik
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You cant control beautiful things, thats why they're beautiful, Also in the long run crypto will only help the community when that money is channeled into education, houses and all the things the majority of the population aren't entitled to.
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Digital currency in the future the world will be greatly improved and developed
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The first ones committing those type of crimes are politicians themselves with their inflationary fiat money and debts they will never pay.
It’s ironic they start to cry now that they see their power slipping through their fingers.
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It is just now the petition...the dates will take them nowhere.😂
Not sure how much it is true..but hawala can easily been usee to fund terrorism, crypto can also make it. It is better if crypto can only be done for good....
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I don't really think it is going to work out well the lawyer reason been that, digital currencies is taking over and it is safe for any individual to and stress free. They can only set laws to regulate it usage but can't be ban. Technology will still find it way in to be used. The repercussions will only set India lagging and kg which may also affect their economy directly or indirectly.
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This mentioned lawyer is doing it for fame which he gets in small space in newspaper or genuinely concerned that only he knows. But I feel it is just a fad which will hopefully diminish when more and more people will be aware of crypto currency or accept it. What he says is true but then every thing comes with side effects. Money laundering, tax evasion are the cons which comes with it.
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Its kind of surprises me when they(leaders) who trade on the crypto world turn their back to mock at it to the poor, never to invest and its a bubble wow very disappointing with the indian leaders @firepower
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Yes we all are terrorist in here, we all of us what we are doing is spreading hatred, funding terrorist and yes drugs is our passion.
Man why don't they look at the other side of the coin, why lawyers like them exist who don't go through any research before filing a PIL. They are doing everything possible to drag India behind !! .. May they get some brain soon!
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If we go through the Indian law, all the things relating to the high rate return are illegal such as lotteries, batting and winning and I think cryptocurrency would soon be added and find the place in future due to its high rate return. It is very strange that Dream11 developer available at https://fantasycricket.dream11.com/in/ survived in India which is also the application on batting. If we talk about cryptocurrency, I think it should be regulated by proper technology and framing the law other than declaring it as illegal, so that there should not be any kind of hacking and terrorist activities.
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This won't have impact on India crypto market and I do not expect the judge to give a historic judgement on this case. At max, RBI and cental govt will get notice to respond on the queries from judge. :P
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On one hand, the government wants to promote digital or cashless transaction and on the other hand, it has to be banned if in the form of cryptos. It really created a dilemma for common people.
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