BJP MP Nishikant Dubey seeks ban on cryptocurrencies

BJP MP Nishikant Dubey on Monday sought a ban on cryptocurrencies, asserting that they are based on dark net technology and would be used for drugs, prostitution and terrorism.

Raising the issue during the Zero Hour in the Lok Sabha, he likened the situation prevailing in the country with respect to cryptocurrencies with 'Tulip mania' in Holland in 1600s.

''From 2013-14, our member Shivkumar Udasi has been contending that this should be stopped, it is based on dark net technology and this would only be used for drugs, prostitution, terrorism, arms,'' Dubey said.

''The whole world is troubled by it. The RBI has been saying continuously that this should be completely banned,'' he said.

Dubey said nobody owns blockchain technology and if there is no owner, how will its activity be controlled.

Finance Minister Nirmala Sitharaman has said the government is working out a new bill on cryptocurrency which will be placed in the ongoing session of Parliament after approval of the Union Cabinet.

Meanwhile, Congress leader Ravneet Singh Bittu raised the issue of Punjab Aam Aadmi Party president Bhagwant Mann claiming that a senior BJP leader ''offered him money'' and a place in the Union Cabinet to join the saffron party ahead of the state assembly polls next year. Bittu asked the government to come clean on the issue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)