Petition filed with SC to regulated the flow of Bitcoin

New Delhi, November 15: In order to control the flow of Bitcoin an appeal has been made and also certified that the cybernetic currency should be made answerable to the Exchequer on Wednesday. This led the Supreme Court to pursue an answer from the center.

 

A bench issued a notice to the ministries of Finance, Law, and Justice, Information Technology, market regulator SEBI and the RBI headed by the Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud. To regulate the flow of Bitcoin, a panel has been set up to frame a mechanism.

The petitioner has in its petition said that the money which is used to buy Bitcoin is untraceable from foreign locations. It may be used for trading and other financial activities directly from cryptocurrency accounts without any accountability.

Bitcoin was introduced in 2008 which allows people to buy goods and services and exchange money. It is a digital currency which does not involves banks, credit card issuers or other third parties. It was started by an unidentified group of programmers as a crypto-currency as well as an electronic payment system.