Supreme Court Of India Sends Notice To Government To Regulate Crypto Currencies

[Somz1]

Supreme Court has sought the response of the Centre on a petition seeking regulation of the flow of Bitcoin (Crypto Currency) and wanted that the virtual currency be made accountable to the exchequer
A bench headed by Chief Justice Dipak Misra issued notice to the ministries of Finance, Law and Justice, Information Technology, market regulator SEBI and the RBI....

PETITION HIGHLIGHTS:-

 •Issue urgent directions of appropriate nature so   as to direct the Respondents to regulate the flow of Bitcoin (crypto money) and to ensure that the same be made accountable to exchequer

•Constitute a committee for framing of appropriate mechanism to regulate the flow of Bitcoin (crypto money) and to ensure that the same be made accountable to exchequer

•Constitute a committee of experts to consider the prohibition/regulation of Bitcoin & other crypto currency


Full Petition Documents here:-
https://drive.google.com/file/d/1ZpYhNZoMnTypxZn45ThA3lrtP1eMOfaQ/view

[legendster]

The government has blatantly misguided, lied and misled people in the 'mandatory' aadhaar issue to this day despite a clear direction by supreme court to not do so. Given that history, I doubt that this petition or direction would hardly affect anyone.

[Somz1]

The government has blatantly misguided, lied and misled people in the 'mandatory' aadhaar issue to this day despite a clear direction by supreme court to not do so. Given that history, I doubt that this petition or direction would hardly affect anyone.

Yes with a bunch of stupid idiots at the top, we will be late to do anything at all as always....

[Freebieindia]

nice to hear the supreme court wants crypto currency to be regulated in India. This will make it some trustful and more people will invest and use bitcoin because as of now everyone is afraid that government can Ban it anytime. 

[glowing10]

nice to hear the supreme court wants crypto currency to be regulated in India. This will make it some trustful and more people will invest and use bitcoin because as of now everyone is afraid that government can Ban it anytime. 

As far as I have heard and read it is that SC has asked govt to either regulate if they can or else ban this currency from India. So now its getting more clearer that regulating this space wont be that easy so what I am hearing is that banning chances are more than regulating it.

[dvabit]

How govt. regulate crypto currency when India has very few cyber expert in law/police?

[legendster]

nice to hear the supreme court wants crypto currency to be regulated in India. This will make it some trustful and more people will invest and use bitcoin because as of now everyone is afraid that government can Ban it anytime. 

As far as I have heard and read it is that SC has asked govt to either regulate if they can or else ban this currency from India. So now its getting more clearer that regulating this space wont be that easy so what I am hearing is that banning chances are more than regulating it.

There is no way they can REALLY regulate cryptos and if they ban it.. lol good luck. Then they will crush an already thriving startup culture killing a revenue source and push the entire scene underground. Cryptos are here to stay. Regardless of what some guy dressed in black has to say about it.

[SimonJones]

There's no way to regulate how users use the currency and that's what it wants. The only solution is to ban it. We will soon have a thriving BTC black market with BTC trading at premium prices.

[Forbiddenone]

I think government is trying to take bitcoin as capital gain asset and tax it.and if it happens its nothing wrong.yup if the tax is similar to stock market.problem is our country suffer from massive corruption,so high influence people hide their money in it as it is great asset to hide and they will never let government ban it or take full control over bitcoin.but their should be rules regarding.their many project which can be started but as their are no rules and regulations noone dares to start any project.

[kohlicool54]

I think government is trying to take bitcoin as capital gain asset and tax it.and if it happens its nothing wrong.yup if the tax is similar to stock market.problem is our country suffer from massive corruption,so high influence people hide their money in it as it is great asset to hide and they will never let government ban it or take full control over bitcoin.but their should be rules regarding.their many project which can be started but as their are no rules and regulations noone dares to start any project.

Do you think those big fish are using bitcoin ??
If yes than ban is the solution , government will be looking for atlest for couple of years.
But I accept the fact no one can regulate or ban it completely

[hinayupak]

Supreme Court Of India Sends Notice To Government To Regulate Crypto Currencies ? The petition goes on to state that bitcoin exchanges in India add 2,500 users per day, and that some 500,000 residents now hold bitcoin. As of 3:00 p.m. Eastern on Wednesday, the exchange rate between Indian rupees and bitcoin was more than 470,000.
As a result of its adoption, bitcoin usage may affect "the market value of other commodities," according to the petition, which pleaded with the court for an "urgent direction" for the government to intervene.