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Ensure Virtual Currency is Not Used for Terror Funding, Money Laundering: SC to Centre, RBI

The Supreme Court has given four weeks to examine all security related issues pertaining to virtual currency, including BitCoin.

Utkarsh Anand | CNN-News18

Updated:July 14, 2017, 1:18 PM IST
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Ensure Virtual Currency is Not Used for Terror Funding, Money Laundering: SC to Centre, RBI
There is no clear law stating whether BitCoin and other crypto-currencies are legal in India. (Photo: REUTERS)
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New Delhi: Supreme Court has asked Centre and Reserve Bank of India for information on steps taken to ensure virtual currency including BitCoin isn’t used for terror funding and money laundering.

The court has given four weeks to examine all security related issues pertaining to virtual currency, including BitCoin.

A PIL claimed that RBI was failing to regulate transactions in virtual currency. It also said alleged that virtual currency was being used for terror funding and money laundering.

There is no clear law stating whether BitCoin and other crypto-currencies are legal in India. However, such currencies are being widely traded.

According to media reports, the Centre has been considering to introduce a regulatory regime for virtual currencies. There is also a proposal to make these currency a part of formal economy and charge goods and services tax on their transactions.
| Edited by: Ananya Chakraborty
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