Bitcoin
is a digital currency that is making rounds these days. However, with
its growing popularity, Bitcoins
frauds and crimes are also increasing world over. Cyber
criminals and crackers have started exploiting software
and the platforms using Bitcoins. In one such incidence Sheep
Marketplace, the descendant of Silk Road, has been compromised and
5,400 Bitcoins (worth about $5.6 million) have been stolen.
Previously E-Sports
Entertainment LLC (ESEA) entered into a consent judgment
for creating ESEA Botnet to facilitate mining of Bitcoins at the
expense of user’s computing resources.
Bitcoins
have been banned in Thailand and may be illegal in India
as well unless laws are followed by those engaged in using Bitcoins
in India. India cannot remain indifferent towards these developments.
Many of these negative developments are actually happening in India.
Illegal
use of Bitcoins is increasing in India and RBI and Indian
government are indifferent in this regard. As a result Bitcoins are
used in India for multiple purposes including conducting medical
and surgical abortions in India.
Many Bitcoins enthusiastics wonder whether
use and dealing in Bitcoins legal or illegal in India? According
to techno legal experts there is no straight forward answer to this
question but the
legality of Bitcoin in India is in doubts.
Those companies and websites that are accepting
Bitcoins in exchange of goods and services are doing it in an illegal
manner and they can be prosecuted and punished. It is always better
to observe cyber
law due diligence before engaging with Bitcoins in India
in any manner whatsoever.
