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.”

The petition issued by justices DY Chandrachud and AM Khanwilkar along with Dipak Misra the Chief Justice clearly sights the government’s fear about the unknown territories of Bitcoin and speaks about how an “emerging trend of crypto money if unchecked and unregulated is threat to exchequers money and financial sovereignty of the country.”

Also Read: Supreme Court Seeks Government’s Help On A Plea For Regulation Of Bitcoin In India

Exchequers refer to holdovers from the colonial British rule and function as a solitary spending authority much like a central government fund procured out of taxation. The petition running over 43 pages does not yet recognise Bitcoin as a currency but given the fact that it is increasingly being used in fostering financial transactions, the regulatory officials feel it is imperative to bring the same under regulatory regime.

November has been a tough month for Indian Bitcoin enthusiasts. As official statements pertaining to the malicious side of cryptocurrency is being circulated by tabloid press, the dwindling belief of people on cryptocurrencies is imparting much harm to its investor base and mass spread. The Hindu recently published that the Supreme Court has responded positively to this Bitcoin and Cryptocurrency petition and has already “issued notice to the ministries of Finance, Law and Justice, Information Technology, market regulator SEBI and the RBI, on the plea which also sought setting up of a panel to frame a mechanism to regulate the flow of Bitcoin.”

The phrase, “flow of bitcoin” had already appeared in various sources. But the means of achieving the same had not yet received any legal indication. The petition had previously falsely asserted that Bitcoin is totally untraceable and that, “certain countries have made Bitcoin (crypto money) subject to their respective tax regimes, while a few other countries have designated it as a commodity, thereby making Bitcoin subject to government regulation and accountable to the exchequer, but no such mechanism exists in India.”

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