Thursday, 1 June 2017

Bitcoin joins rival politicians from India.

India every day gives more than talk about the theme of digital currency bitcoin, and these months have not been the exception. Certain Indian politicians are urging the government not to legalize Bitcoin. This is happening at the same time that a series of reports say that the cryptocurrency could be regulated in the country in the near future.

Many politicians raised concerns about the possible legalization of Bitcoin by the government of India, announced at a meeting of the Standing Parliamentary Finance Committee, according to a report in a large financial news newspaper in India.

The Finance Ministry of India (FinMin) established an intergovernmental committee to study and investigate the legal frameworks of digital currencies around the world. The committee will finally recommend a course of action for the future regulatory and legal of digital currencies, such as Bitcoin, in India. The government has also invited citizens to comment and discuss virtual currencies in a government portal. The proposition box has been open for a week and closed yesterday, May 31.

Politicians, and also parliamentarians, said that Bitcoin "could become a parallel money instrument for black money laundering and dubious transactions, as well as a source of terrorist financing."

Nevertheless, Bitcoin achieved the feat of uniting to the politicians of the opposition parties that have been related to each other by their disdain towards the currency.

Kirit Somaiya, a member of the ruling party of India, demanded to know the Prime Minister of India whether the virtual currency committee is "properly reporting" on the crypt conversion flipside. Somaiya raised the issue in the Indian Parliament in March, even qualifying Bitcoin as a "pyramid scheme". In April, he clearly demanded that cryptography is declared illegal.

Dinesh Trivedi, a politician affiliated with Congress Party, the traditional rival of BJP, stated during the meeting that "data is the new oil and Bitcoin is the rescue financing platform." In particular, parliamentarians also urged officials of the Ministry of Finance not to legalize cryptography, according to the report. As is the case, Indian authorities are planning a regulatory framework for cryptography, which includes investor taxes.

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