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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One thought on “Bitcoins usage can attract anti-money laundering law in India”

  1. This is actually BS. The government should talk to private players before they make the rules or do anything as they are incompetent to read or know the workings of new technologies like Bitcoin. For everything new people have a tendency of saying no. As if rupees or US dollars are not used for terrorist activities. All the exchanges in India do a KYC and keep a record of all the transactions ever happening via their system. In other countries also, all the exchanges do a KYC and keep a record. Just because they cannot track the payments do not mean that all of Bitcoins will go for terrorist activities. Many people like me use Bitcoins as an investment tool.

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