Dear Shereen,
A little while ago , I caught the last few seconds of
your debate on Bitcoin
I think you might find my today’s following blog of
some relevance
With Regards,
hemen
parekh
(
M ) +91 - 98,67,55,08,08
https://myblogepage.blogspot.in/2018/01/bitcoin-illegal-in-india.html
=====================================================
Bitcoin : Illegal in India
Times
of India ( 02 Jan ) carries following news :
Trading in Bitcoin, Ethereum, other
crypto-currencies illegal, says
Arun Jaitley
Bitcoins or such crypto-currencies are not legal tender and those indulging in
such transactions are doing it at their own risk, Finance Minister Arun Jaitley said today as MPs expressed concern over trading
on these platforms.
During the Question Hour in Rajya Sabha, DMK member
Kanimozhi sought to know whether the government was considering regulating crypto-currencies
like Bitcoin and Ethereum, as India "
accounts for more than 11 per cent " of such trade globally.
Jaitley emphasised that the Centre's consistent
position was that such currencies were not legal tender.
"The government is examining the matter. A
committee under the chairmanship of secretary, department of economic affairs,
is deliberating over all issues related to crypto-currencies to propose specific actions
to be taken," he said.
While a repeated message was being given that such currencies were
not legal tender,
more detailed steps would be taken once the report of the committee is
submitted, he said
I
am fluxommed !
If
, as Shri Jaitleyji says , “ Bitcoins are
not LEGAL tenders “ , then I suppose, that statement / admission,
implies that those ,
· “ Mining “ the Bitcoins ( same as printing of fake
currency notes )
· “ Trading “ in Bitcoins ( determining
its exchange-rate vis-à-vis
RUPEE ),
are engaging in ILLEGAL activities !
An
illegal activity can be defined as , “ breaking / violating “
SOME existing LAW
But
, it seems , the Government does not know WHICH LAW has been broken !
And
if you don’t know which “ Law “ has been broken, then of course it stands to
reason that you also don’t know , under what which Criminal Procedure Code , to charge the law-breakers
! Hence this hesitation
?
Never
before , have I come across a case where some act is considered “ Illegal “ but no one knows which “ Law “ has been broken !
And
therefore , what “ Punishment “
to demand from the Hon Judge , for the law-breaker !
After
this “ Statement of Helplessness “ ( - that too in Lok Sabha ! ) , I
would not be surprised if criminals can look forward to a “ REGIME of WARNING “ from the local
policeman , whenever they engage in some ILLEGAL activity
!
They
may even carry a hard-copy of Shri Jaitleyji’s statement in their pockets , to
show to the policeman !
So
much for , “ CRIME DOES
NOT PAY “ !
-
except in the case of sky-rocketing prices of Crypto-currencies , paying 10 % profit per day !
03
Jan 2018
www.hemenparekh.in /
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