Indian politicians lash out at Bitcoin again

Indian politicians have continued their wave of discontent toward Bitcoin by calling it a “ransom finance platform”.

According to the Economic Times, the country’s Parliamentary Standing Committee on Finance saw local officials cast doubts about Bitcoin’s treatment in light of the WannaCry cyberattack.

At the beginning of this month India’s government set out to discuss the legality of Bitcoin. As a response, several Bitcoin start-ups requested audience to provide a positive insight to this conversation.

“Members feared that it (Bitcoin) could become a parallel instrument for cycling black money and dodgy transactions and also a source for terror financing,” a source close to the matter tells Economic Times.

Dinesh Trivedi, who took part in the meeting with the Committee, reportedly stated that “today data is the new oil and Bitcoin is the ransom finance platform.”

India continues its reticent position towards digital currencies after the considerable press coverage of related criminal cases, which has prompted the government and central bank to issue warnings against it.

For many, “Delhi’s war on cash” presents itself as more worrisome, as well as plans to link transactions to participants with biometric technology.

India saw a huge spike in Bitcoin trading last week, alongside the digital currency’s massive increase in its value.

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