more-inThe Supreme Court has asked the Reserve Bank of India to consider the issues raised by a PIL petitioner seeking urgent steps to restrain the sale and purchase of illegal cryptocurrencies or “Virtual Currency” (VCs) like bitcoins. A Bench led by Chief Justice of India J.S. Khehar heard counsel Vijay Pal Dalmia that virtual currency was being traded anonymously over the Internet and used for a host of anti-national and illegal activities, from terror funding to illicit trade of arms and drugs and so on. Mr. Dalmia argued before the court that the use of this “parallel currency” is having a “negative impact on Indian currency, inflation, loss of control of government on financial discipline and illegal diversion of money.”‘Danger to sovereignty’To make it worse, he said the online use of this currency, was without any border restrictions or geographical constraints, resulting in danger to the integrity and sovereignty of the nation. The court asked the central banker to go through the petition and address Mr. Dalmia on the issues raised by him.

Source: The Hindu July 16, 2017 17:03 UTC