Indian politicians have described Bitcoin as a “ransom finance platform” while criticizing the government’s digital economy reforms.

In a meeting of the country’s Parliamentary Standing Committee on Finance quoted by the Economic Times, several local representatives “raised questions” about Bitcoin’s treatment in light of the WannaCry cyberattack.

“Members feared that it (Bitcoin) could become a parallel instrument for cycling black money and dodgy transactions and also a source of terror financing,” the publication reports quoting unnamed sources. A further participant, Dinesh Trivedi, reportedly continued that “today data is the new oil and Bitcoin is the ransom finance platform.” India has traditionally taken a highly precautionary stance to digital currency, with warnings from government and the central bank-fuelled by considerable press coverage of criminal cases involving Bitcoin. Nevertheless, consumers and politicians alike appear to be more concerned about Delhi’s war on cash and plan to link transactions to participants with biometric technology.

BJD member Bhartuhari Mahtab is said to have asked at the meeting:

“How can the government decide whether an individual must use cash, credit cards or other modes of transactions?”

India saw a huge spike in Bitcoin trading last week. In line with the majority of economies tracked by Coin Dance, the traders set a new high of 58.6 mln rupees for the week ending May 27.

Chuck Reynolds
Contributor
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