Regulate bitcoins

Oversight will help prevent illegal activities

Business Standard Editorial Comment 

The government is considering setting up a regulatory structure to oversee trading of bitcoin, the digital crypto-currency. This would treat the virtual currency in a manner akin to gold, which is digitally traded on registered exchanges run under the oversight of the Securities and Exchange Board of India (Sebi). A move to formalise the thriving desi trade in bitcoin would not only bring it under the tax ambit but also help prevent its use in ransomware hacks, money-laundering and hawala transactions. India generates high trading volumes and techno-savvy Indians view bitcoin as a ...

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