The bitcoin battle

Effective regulation will follow recognition

The regulatory authorities finally appear to be taking cognisance of the booming trade in bitcoin and other cryptocurrencies along with the explosion of various money-laundering schemes and outright fraud that this new phenomenon has enabled. Effective regulation of trade in cryptocurrencies will require coordinated action by multiple agencies. Last week, the finance ministry decided to set up a panel for reviewing such deals. The income tax department has also undertaken surveys of several exchanges dealing in these virtual assets and has reportedly sent out notices to many high net worth individuals who might have been trading in these. The Securities