India’s Supreme Court Pushes the Government to Regulate Bitcoin

The Indian Supreme Court has asked the government to respond to calls to regulate bitcoin.

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India’s Supreme Court Pushes the Government to Regulate Bitcoin

Samburaj Das on 16/11/2017
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The Indian Supreme Court has called on the central government to set to task the process of regulating bitcoin.

According to Indian news daily The Hindu, three justices from India’s Supreme Court – the highest court in the country – have issued notices to the Finance, Law and Justice and Information Technology ministries, as well as the central bank (Reserve Bank of India) and market regulator (Securities and Exchange Board of India), demanding they respond to a petition seeking clarity on bitcoin’s legality in the country.

The petition goes on to state that bitcoin exchanges in India add 2,500 users per day, and that some 500,000 residents now hold bitcoin. As of 3:00 p.m. Eastern on Wednesday, the exchange rate between Indian rupees and bitcoin was more than 470,000.

As a result of its adoption, bitcoin usage may affect "the market value of other commodities," according to the petition, which pleaded with the court for an "urgent direction" for the government to intervene.