The note also raised concerns on the use of Bitcoins in money laundering and terrorist finance activities. Globally, in Canada and the US, there are Acts in place that control money laundering and terrorist financing. The issue of whether virtual currencies or bitcoins should be banned, regulated or self-regulated has been going on for sometime. Earlier, the government had sought comments from the public on platform MyGov, for deciding the viability or other wise of virtual currencies. It will also assess existing framework of virtual currencies in India and globally as well as examine the existing global regulatory and legal structures governing virtual currencies.

Source: dna July 17, 2017 02:03 UTC