The futility of prohibiting bitcoin trade
The Reserve Bank of India (RBI) has banned regulated entities from providing services related to virtual currencies, citing concerns over consumer protection, market integrity, and money laundering. I question the necessity of this step, since the perceived anonymity of bitcoin transactions can be penetrated. What’s more, the ban may drive nefarious activities further underground, making them harder to detect. I suggest improving forensic skills might be a more effective approach.