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Building a Responsible Cyber Society…Since 1998

Say No to Bitcoins

Posted by Vijayashankar Na on June 14, 2018
Posted in Cyber Law  | No Comments yet, please leave one

Bitcoin is Digital Black Money… A Currency of the Criminals and Terrorists. Neither RBI nor Government of India can legitimize it without sacrificing the interest of the country.

Despite planting of fake news and support of some journalists, it would be too much to expect that Mr Modi will make a U-Turn on Black Money control.


In the last few days, Economic Times has been carrying on a campaign for legalization of Bitcoin. The article “U-turn on bitcoin? Government panel may allow cryptos with riders ” which does not carry the name of the reporter suggests,

“A panel formed by the government to look into crypto-currency does not seem to be in favour of banning it. Instead, it may suggest allowing crypto-currency with riders, ETNow reported quoting Cogencis. “

It is not clear why ETnow is spreading this news which could be a fake news planted by some interested Bitcoin holders.

ET bases its story on “Cogencis” which is a company co founded by one Mr Kalyanram Kodakalla having directors such as Paurush Roy, Vimal Agarwal, and Deepak Ghaisas. The company professes to be a “Trusted” global provider of Financial Data and Analytics. It has offices in Mumbai, Bangalore, Hyderabad, New Delhi  etc. (Refer www.cogencis.com)

I would like to request Cogencis to disclose what was the source of their information which should have been from the Ministry of Finance.

To an ordinary observer, it appears to be a Fake News planted for promoting the Bitcoins. It is unfortunate that Economic Times is trying to legitimize this fake news.

I request the Government of India to conduct an enquiry into how this news has been manufactured. In case there is any involvement of the officials of the Finance Ministry, they should be punished.

Let us remember that Bitcoin is Digital Black Money and the people who are supporting it include those who converted their black money during the demonetization time into Bitcoins. Additionally there are criminals and terrorists who have built up Bitcoin wealth and want a legitimate channel to bring it into the legacy currency system so that they can destabilize the economic progress of India.

There is no way any official who is himself not corrupt to support any move to legitimize Bitcoin. RBI has been opposing this move though it appears that  some of the officials in the Arun Jaitely Ministry are in favour.

It is now left for Mr Modi and Mr Amit Shah to show their commitment to Black money eradication by sticking on to the policy of  “Banning of Bitcoin”.

Let us hope that even if Ministry of Finance has been corrupted, PMO still remains uncorrupted. The proof of the pudding would be how Mr Mr Modi will react to the news doing the rounds now.

If Mr Arun Jaitely is honest, he should clarify if the news report is correct or is fake.