Parliament Standing Committee of Finance expressed concern over bitcoin?

According to the committee due to bitcoin fake transactions can be promoted and it may also be a source of terrorists funding! MPs warns to the officials of the Finance Ministry that efforts should not be made to legalize bitcoin!

May 27, 2017
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The Standing Committee of the Parliament of Finance, has expressed concern over the bitcoin currency for financial transactions. Members of the Committee have feared this virtual currency that it can lead to parallel economy and can lead to black money.

According to the committee due to bitcoin fake transactions can be promoted and it may also be a source of terrorists funding. MPs warns to the officials of the Finance Ministry that efforts should not be made to legalize bitcoin.

Sources said that BJP MP Kirit Somaiya asked the officials why the government is attracting towards Bitcoin. He said that the government is not even making clear that the bitcoin is legal or not legal. They also asked if the officials told PM Modi about problems arising from bitcoin, or not. Trinamool Congress MP Dinesh Trivedi said, “today the data has become like new fuel and bitcoin has become a new Ranasam finance platform.”

Many MPs in the meeting also questioned the central government’s Digital India scheme. MPs asked whether the government has done the job of fully proofing this scheme from cyber security.

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