India lacks insight and ingenuity when it comes to dealing with novel problems. It always tries to adopt other’s plans and efforts to solve its problems. This is many cases bring absurd results. The latest in this series was the issue pertaining to legality of Bitcoins in India. India waited for other nations to take the lead and take a stand before it can regulate or govern Bitcoins in India.
Meanwhile, China, France, Thailand, etc have either regulated the use of Bitcoins or they have completely banned them in their jurisdictions. But the Reserve Bank of India (RBI) and Indian government kept on sleeping over the issue. Meanwhile, Bitcoins frauds and crimes are increasing world over, including in India.
The Indian approach towards Bitcoins is not at all conducive for national interest and Indian government must urgently regulate Bitcoins in India as soon as possible. Perry4Law and Perry4Law’s Techno Legal Base (PTLB) have been stressing upon the need to regulate Bitcoins in India for long.
Now media reports have confirmed that Indian authorities may soon issue a public advisory to warn against potential risks associated with this new digital currency concept. We at Perry4Law and PTLB welcome this move of Indian government.