A lawyer in India filed a lawsuit demanding that the government regulate the cryptocurrency

nBankruptcy commentary: The Indian government’s response to the situation of the local cryptocurrency appears to have been sluggish. Earlier, people have called for government regulation of bitcoin, but so far no significant progress has been made. Recently, a lawyer in India, in order to emphasize the urgency of conducting cryptocurrencies supervision, has submitted a public interest lawsuit, asking the government to truly carry out its work in this area, reducing criminal activities related to cryptocurrencies, and standardizing the market.n
nTranslation: Inan
A lawyer in India recently filed a public interest litigation (PIL) requiring the government to regulate Indian cryptocurrency activities.n
The advocate from Calcutta, named Bivas Chatterjee, works for the government in West Bengal and deals with cybercrime. He filed a PIL with the city’s High Court on Friday asking for a legal framework for cryptocurrencies in India. In his complaint, the lawyer said that as the cryptocurrency was linked to money laundering, drug trafficking and other illegal activities on dark webs, the relevant rules need to be established.n
According to The Times of India, just last month two young Kolkata detainees were arrested by the Narcotics Control Board of India for purchasing and selling narcotics through the use of darknets.n
Chatterjee pointed out that this “decentralized, unregulated and unimaginable economic system” has a huge economic impact and claims that cryptocurrencies have been used to fund money laundering, terrorist activities and tax evasion.n
The complaint states:n
n”There is an urgent need to bring together experts and experts from different fields to form a panel or committee that will ensure that cryptocurrencies are legitimate and accountable.”n
nHe added that “lack of control” has also led to a “dramatic change” in the prices of cryptocurrencies recently.n
According to the Indian Express, Chatterjee believes the government should ban Bitcoin or set up regulators to control the market.n
It is reported that the High Court will hear the case on February 2.n
In April 2017, a board of government officials and central bank officials planned to consider new digital currency-related regulations. The commission prepared a report proposing policies on anti-money laundering and consumer protection.n
In November, the Indian Supreme Court called on the government to respond to calls for its regulation of Bitcoin.n
Recently, Indian Finance Minister Arun Jaitley clarified that the Indian government did not recognize Bitcoin as a legal currency. However, he also pointed out that discussions are under way to standardize cryptocurrencies.n

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