[2017-04-05] BS: Check growing use of bitcoins in India, demands BJP MP

[polynesia]

Check growing use of bitcoins in India, demands BJP MP

http://www.business-standard.com/article/pti-stories/check-growing-use-of-bitcoins-in-india-demands-bjp-mp-117040500750_1.html

The government must check the use of bitcoins, a virtual currency, as its transactions have soared to Rs 2,000 crore per day, said a BJP member said in Lok Sabha today.

Maintaining that bitcoins were illegal and a parallel and unregulated currency which was being increasing used in India, Kirit Somaiya said the illegal trading through bitcoins have reportedly gone up to Rs 2000 crore per day, which is being used for buying drugs and other contrabands, he said.


"I urge upon the government to take a look at bitcoins. It is an illegal currency," he said.

The RBI had earlier warned that it has not authorised dealings in or use of virtual currencies and had cautioned those investing in the instruments like Bitcoins.