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India to Hear Case for Bitcoin Regulation

The issue of regulation of cryptocurrencies such as bitcoin has come under the spotlight again, with the news that a public prosecutor in India is taking legal action in an attempt to see regulations introduced to control the use of these currencies, reports Bitcoin.com. 

The prosecutor, who has raised his action in Calcutta High Court, claims that these currencies are being used to support crimes such as drug trafficking, prostitution and arms dealing. He has therefore called for the use of cryptocurrencies to be regulated or, failing that, banned completely in India.

Discussions have apparently already been taking place amongst the relevant authorities in India about imposing greater controls on the use of bitcoins and other cryptocurrencies, but so far no decisions have been forth coming.

According to Bitcom.com, the case is scheduled to be heard on 2nd February. We will follow developments with interest.

The issue of regulation of digital currencies is not unique to India, but is a global concern. The UK Government has indicated it would like to see greater controls introduced, and is apparently working with the European Commission to ensure that digital currency exchange platforms are brought within the remit of the anti-money-laundering directive, reports the Guardian.

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Selachii is a dynamic litigation law firm based in Kensington, London. Our specialist crypto currency and Bitcoin solicitors are highly experienced in the risks associated with Bitcoin. We work with both businesses and private individuals, giving them legal advice and support which is unique to them and their situation. Contact us today to find out more about how we can help you.

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