[2017-03-28] BS: Use of Bitcoin illegal, can attract anti-money laundering law

[polynesia]

Use of Bitcoin illegal, can attract anti-money laundering law: Government

http://www.business-standard.com/article/current-affairs/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law-government-117032800734_1.html

The government on Tuesday said use of virtual currencies like Bitcoins are not authorised by RBI and could result in breach of anti-money laundering provisions.

The RBI has already cautioned users, holders and traders of virtual currency, including Bitcoin, about the potential financial, legal and security risks arising from the usage.

"The absence of counter parties in usage of virtual currencies including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws," Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha.

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[rsarkar]

The worst thing is that media is covering this news.
Lets recollect that bitcoin has also been termed illegal in the US but there's still some businesses like Coinbase,Gemini running in some states.In my opinion this was awaited as this country follows western approach towards every decision making process.My thought of what will happen is that in future there will be lobbying with the govt. by big exchanges and business may move to other states where laws are flexible.

[polynesia]

Almost every news outlet worth its salt has carried this news. 

http://profit.ndtv.com/news/currency/article-use-of-bitcoin-illegal-warns-minister-of-state-for-finance-1674509
http://economictimes.indiatimes.com/news/economy/policy/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law/articleshow/57874230.cms
http://www.livemint.com/Industry/Qjp4Z9YpzHlq7CXNNQ5ScJ/Use-of-Bitcoin-illegal-can-attract-antimoney-laundering-la.html
http://www.thehindu.com/business/Economy/use-of-bitcoin-illegal-says-govt/article17702483.ece
http://indiatoday.intoday.in/story/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law/1/914753.html
http://www.dnaindia.com/money/report-use-of-bitcoin-illegal-can-attract-anti-money-laundering-law-2372065
http://www.newindianexpress.com/business/2017/mar/28/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law-1586947.html
http://www.hindustantimes.com/business-news/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law/story-jZp04O9SeDIdHHDktmANvL.html
http://www.moneycontrol.com/news/business/economy/use-of-bitcoin-illegal-can-attract-anti-money-laundering-law-2248475.html