Bitcoin Forum

Bitcoin culprit behind money laundering, unhappy with RBI for ignoring it: MP Kirit Somaiya

http://www.moneycontrol.com/news/interview/bitcoin-culprit-behind-money-laundering-unhappy-with-rbi-for-ignoring-it-mp-kirit-somaiya-2256425.html

BJP MP Kirit Somaiya has raised concerns on how there is a lack of regulatory structure around bitcoin and wants it to be declared illegal in the country.

During demonetisation, bitcoin trading volume spiked a lot in India and many were worried that it was being used to launder black money.

Speaking to Moneycontrol, Somaiya said that he is expecting a meeting with a senior official from the National Intelligence Grid (NATGRID) to discuss the sudden jump in bitcoin trading in India during the period of the cash ban.

Seeing this much aggressive move without knowledge i guess RIP BTC in India very soon then ..  :-\

Yes Btc will be coming to end very soon in India .

Now will people shift to other country of that country allows Bitcoin as legal there ?

This is not good news if this MP gets some support. We have China, we don't want another government that is hostile.

Ultimately they are relatively powerless, however.

Anyone up for a crowd sourced hire of a Hitman?
 ;D

I am still shocked to see such educated degree holder Minister concerned about such rubbish points of illegality side of Bitcoin . Instead accepting the new technology and understand how it operates he is only rushing to ban it which he really can't , He or no one in this world can ban bitcoin . This is not their central monetary system which whenever they or any other govt. think can just shut down lol . And as for illegal use every money has illegal use ... Rupees also used for illegal means beside legal works so will this honorable minister also ban Rupee and go cashless ? :V ; If Govt. learn the technology they can surely implement the regulations for its bad side too so Money Laundering worry can be prevented . But banning only in India will not solve the problem lol , people still can use Bitcoin with many other ways and cash out with many other ways . But we will kick a future tech for our stupid garbage points . [ Ponzi lol ]

Come on dear Ponzi , please tell our honorable Minister that you are not involved in this haha

https://s29.postimg.org/6gwswf3p3/images.jpg

The term “Ponzi scheme” is often used by conventional “economists” and politicians to describe Bitcoin. But, the utilization of the term to explain Bitcoin’s structure demonstrates a high level of incompetence and a significant lack of economic and financial knowledge.

It was quite evident that Somaiya had little to no understanding of the structure of neither Ponzi schemes nor Bitcoin. He presented a severely flawed argument by comparing self-regulation to a Ponzi fraud.

However, his comparison of Bitcoin to a Ponzi scheme was flawed in every possible way, as Ponzi schemes are not self-regulated, they are regulated by a closed group of operators.

The government of India and its financial regulators are taking a different approach to that of Somaiya. Many of the regulators have an actual understanding of Bitcoin, its implication to the global economy and the supposed role of regulators in enabling the local Bitcoin industry to grow.

I'm glad that the Gov of India did not take any rash decision and looked at the tech from another angle. Hopefully the team that was given responsibility look at the benefits of crypto technology and work out the best possible solution. looking forward for some good news in 3 months.

https://cointelegraph.com/news/bitcoin-ponzi-scheme-indian-government-seem-to-disagree-with-claim

Nice .. at least govt trying to learn it and i am glad to see this and i also want they put this in right category so we have easier solution also to pay tax for it . Also Money laundering is a serious threat too which need to be solved in some possible way .