28 Mar '17, 7pm

Indian Minister Terms Bitcoin to be Illegal in Parliament

An Indian minister, while replying to a question in writing in the upper house of the Indian Parliament - The Rajya Sabha - has said that the use of Bitcoin in India is not authorized by the Reserve Bank of India (RBI) and could potentially land users on the wrong side of the anti-money laundering provisions present in the Indian law. Minister declares Bitcoin to be illegal The Minister of State for Finance, Arjun Ram Meghwal, has filed a written reply to a question in the Parliament according to India’s The Hindu newspaper : “The absence of counter parties in usage of virtual currencies, including Bitcoins, for illicit and illegal activities in anonymous/pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism laws.” Absence of sanction from monetary authorities One of the reasons that the Ind...

Full article: https://cointelegraph.com/news/indian-minister-terms-bitc...

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