Daily Management Review

Bitcoin Should Be Regulated By The Government, Demands The Indian Supreme Court


11/16/2017




Bitcoin Should Be Regulated By The Government, Demands The Indian Supreme Court
Government regulation of cryptocurrencies was called for by the Supreme Court of India which also directed the Indian government to take steps to that end.
 
Demanding acknowledgement and a response to a petition in this issue, a three member justices bench of the Supreme Court issued notice to the central bank of India – the Reserve Bank, the market regulator or SEBI, the taxation department of the government and other related government bodies.
 
Hackers and tax dodgers could benefit from the use of cryptocurrencies such as bitcoin through trans-border transactions and not have any record available with the government authorities, claimed the petition, expressing concerns about the possibilities. 
 
The petition read, "The lack of any concrete [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (crypto money) trading and transactions."
 
While still just as little as 500,000 Indians possess bitcoin, about 2,500 new users every day are added to Bitcoin exchanges in India according to a news report in the Indian newspaper ‘The Hindu’.
 
The petition put forward some recent incidents in China and Russia as precedent and demanded an "urgent direction" for the government to intervene from the apex court. The petition further stated that "the market value of other commodities" could be allegedly affected by the usage of bitcoin once it is adopted by a large number of users. But with respect to crypto currencies, a "wait-and-see" type approach has been adopted by India, the world's largest democratic nation.
 
On the other hand, Morgan Stanley CEO James Gorman has said that investors are “deluding themselves” by believing that Bitcoin is a stable investment.
 
While warning potential investors to keep away from bitcoin, Gorman firmly believes that bitcoin is being accorded much more attention than it deserves. The crypto currency started off in January this year with a valuation of less than $1000 and as managed to reach $7400 till middle of November.
 
Bitcoin will face a devastating crash, JPMorgan chief Jamie Dimon has predicted earlier and bosses at the Wall Street have been equivocal and have been attempting to call Bitcoin’s bluff.
 
“It would be foolish to see it as a safe bet,” said Gorman during an interview with a television channel, even though heh was not as negative about the cryptocurrency as some others.
 
"Something that goes up 700% in a year — it's by definition speculative," he said. "So anybody who thinks they're buying something that it's a stable investment is deluding themselves."
 
"It might go up another 700%, but it could easily not," Gorman added.
 
Gorman however also believes that bitcoin is here to stay for some time and does not see it dwindling away as quickly as some others have suggested, and he also acknowledged that bitcoin can be considered more than a mere flash in the pan.
 
“The question is as acceptance is growing with Bitcoin and usability is growing, clearly it’s not going away.”
 
(Source:www.digitallook.com) 






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