Attorney Bivas Chatterjee filed a public interest lawsuit in the Calcutta court on Friday to immediately regulate the flow of Bitcoin inside and outside India, according to

In his petition, Chatterjee suggested that cryptocurrencies are primarily used for malicious purposes and should be regulated or banned, as in China, as quickly as possible. He said:

"The use of Bitcoin was maximized after demonetization, when the cashless economy was promoted." In India, enforcement agencies of the law are confused … Either the government should ban Bitcoin by declaring it illegal like China or there must be a regulator to control its flow. "

Anonymity a problem

According to the lawyer, Bitcoin is particularly difficult to follow, making it the vehicle of choice for illegal financial transactions. He said:

"Cryptographic currencies promise fast, anonymous, low-cost money transfers, such transactions are really hard to follow … crypto currencies are perfect facilitators for crime Investigating authorities face obstacles in investigating crimes involving crypto currencies or Bitcoins due to their anonymity. "

Chatterjee's statements reflect a belief that Bitcoin and other crypto-currencies are too volatile and anonymous to regulate them, some even calling them ponzi stratagems.

However, other economies like Japan have adopted Bitcoin as the payment method of the future.