The Indian Supreme Court has asked the government to respond to calls to regulate bitcoin three justices issused a notice to the Central Bank, the market regulation, the tax department and the several other agencies, asking them to answer a petition, on the matter, the Hindu, an Indian newspaper reported Tuesday.
The original petition to the court expressed concern that bitcoin can be used to conduct transaction across borders without a trace,making it an attractive tool for ransomware attackers and tax cheats.
According to peptition ,the petition goes on to state that bitcoin exchange in add 2500 users per day, and that some 5000000 residents now hold bitcoin.as of 3.00 pm eastern on Wednesday, the exchange rate between Indian rupees and bitcoin was more than 470000.