[2016-12-25] IE: Govt must prepare to fight challenge of digital black economy

[polynesia]

After demonetisation, govt must prepare to fight challenge of digital black economy

http://indianexpress.com/article/opinion/web-edits/after-demonetisation-govt-must-prepare-to-fight-challenge-of-digital-black-economy-4444296/

The demonetisation exercise was carried out to wipe out black money from the system. But the black money hoarders seem to have found leaks in the system and they are making use of them to launder their money and hide their cash in fake bank accounts by misusing other banking channels. However, one of the major issues that the government may turn its attention to is digital currency like bitcoin and its possible use to turn black money into digital black money.

Bitcoin is a digital cryptocurrency that is computer generated and not printed or minted physically like a country’s currency. It is created and held electronically in a decentralised system meaning no single person, bank, authority has control over it. It works as conventional forms of currency and is traded worldwide as well.