[2017-05-24] BL: To prevent fraud, cyber experts want bitcoins to be regulated

[polynesia]

To prevent fraud, cyber experts want bitcoins to be regulated

http://www.thehindubusinessline.com/money-and-banking/to-prevent-fraud-cyber-experts-want-bitcoins-to-be-regulated/article9711777.ece

Post the recent WannaCry ransomware attacks, cyber experts are pushing for some form of regulation of bitcoins. They say while bitcoins should be legalised, there has to be a regulatory authority overseeing the transactions to prevent fraud.

Pavan Duggal, Supreme Court lawyer and cyber law expert, told BusinessLine, “Right now with no law officially recognising bitcoins, the bitcoin economy and its benefits are seeping away from the government.

“So if you are able to legally regulate it, then the bitcoin economy can also be part of the economic growth. The government must understand that more and more Indians would be using bitcoins.”

The hackers using WannaCry ransomware had sought payments in the form of bitcoins as they are difficult to trace.