Breaking News: A panel of MPs warn about misuse of Bitcoins | Bitcoins can be misused for cycling black money

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misuse of Bitcoins

On Thursday, in a meeting of Parliamentary Standing Committee of Finance, members of the politics raised questions regarding the authenticity of Bitcoins mode of transactions. It is feared amongst the members that bitcoins may become a way of circulating black money by carrying out dodgy transactions and can also be used in terror financing.

misuse of Bitcoins

These MPs also warned, against the legalization of Bitcoins, to the finance ministry and also alerts the government against the vulnerability of this instrument. One of the members of BJP, Kirit Somaiya questioned the government about the legality of bitcoins as the government has still not confirmed that whether these instruments are legal or not.

The members were even concerned about the security concepts of the digitization of the economy as they were worried after the recent cyber-attack which has shattered millions of people all round the world. For making India digital, even enough internet connectivity needs to be provided in the rural area. Lot of questions were put up against the government officials but they avoided direct response to all the queries.

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