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Author Topic: [2016-10-19] ET: Intelligence agencies warn government of Bitcoin misuse  (Read 615 times)
polynesia
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October 21, 2016, 01:36:51 AM
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Intelligence agencies warn government of Bitcoin misuse

http://economictimes.indiatimes.com/news/economy/policy/intelligence-agencies-warn-government-of-bitcoin-misuse/articleshow/54926792.cms

Intelligence agencies have warned that virtual currencies such as Bitcoin may be used to fund illegal activities and move funds through hawala transactions and the government will look into the issue with the Reserve Bank of India (RBI) to ensure such new payment methods are not misused.

"At present we have no mechanism to deal with such mediums. The expertise from RBI will be used to come with specific measures to tackle such issues," said a government official aware of the concerns raised by the intelligence establishment.

Intelligence agencies have also apprised the government that in some countries virtual currency platforms such as Silk Road and Liberty Reserve were tried as unregistered money transmitters.
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October 23, 2016, 09:38:51 AM
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I hope this doesn't let government take any stupid action like banning bitcoin etc.There may be some risk involved as far as bitcoin usage is concerned but banning it is no solution

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polynesia
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October 23, 2016, 10:12:52 AM
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I hope this doesn't let government take any stupid action like banning bitcoin etc.There may be some risk involved as far as bitcoin usage is concerned but banning it is no solution

They have blocked porn sites, torrent sites, etc.  Wink
Let us hope there is no knee-jerk reaction on such reports. I really think the government is more mature than that.
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October 23, 2016, 06:38:20 PM
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Well may not be the case as several banks are trying to use the blockchain technology and find the solution of how this could be used in future. ICICI bank just transfer the funds via this technology some days back itself.

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