The option to enrich oneself with Bitcoin wealth has created an incentive for Cyber Criminals to continue their nefarious activities.
The news that Colonial Pipelines, a company in US first stopped its operations plunging the US East Coast into a severe Petrol shortage situation and later making a payment (not admitted by the Company publicly) of US $5 million to the ransomware attackers in the form of Bitcoins highlights this risk manifestation.
In recent times, Ransomware attackers have become bold enough even to attack the Washington Police showing that they are above law. The possibility of enrichment is the main reason why criminal activities continue.
So far we are thinking that it is “Cyber Criminals” who are using “Bitcoins” as currency. When Naavi.org talks of Crypto Currencies being “Currency of Criminals” or “Currency of Terrorists”, the perception is that Crypto currency is another “Currency” which is misused by criminals, drug traffickers or arms dealers etc.
But now slowly it is time to realize that it is not “Crimes” that are driving the Bitcoins but it is the “Bitcoins” that is driving the Crimes.
In fact Bitcoin has elevated itself from being a “Currency of Terrorists” to “Being A terror by itself”.
What we are seeing now is that the Bitcoin holders are enriching themselves by resorting to financial terrorism.
India by showing reluctance to ban Bitcoins and other Crypto Currencies is in fact assisting the “Bitcoin Terrorists” to indulge in Cyber attacks.
I therefore call that Mrs Nirmala Sitharaman, the honourable Finance Minister needs to realize that any further delay in not banning Bitcoins is actually showing forbearance to the Financial terrorism of Bitcoins.
The time to wait for the the next Parliamentary session is over. We need an immediate ordinance to make the provisions of the Bill effective immediately.
Will the Finance Ministry listen to our words at least now?