Bitcoins usage can attract anti-money laundering law in India

“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,” Minister of State for Finance, Arjun Ram Meghwal, said in a written reply in the Rajya Sabha.

“No regulatory approval, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities,”

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