Comments/Suggestions Invited for the Existing Virtual Currencies Framework

The circulation of Virtual Currencies which are also known as Digital/Crypto Currencies has been a cause of concern. This has been expressed in various fora from time to time. ...

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Comments/Suggestions Invited for the Existing Virtual Currencies Framework

The circulation of Virtual Currencies which are also known as Digital/Crypto Currencies has been a cause of concern. This has been expressed in various fora from time to time. Reserve Bank of India had also cautioned the user’s, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to vide it’s press releases dated 24th December, 2013 and 1st February, 2017.

In order to examine the existing framework, Department of Economic Affairs, Ministry of Finance has constituted an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) and representatives from Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Ministry of Home Affairs, Ministry of Electronics and Information Technology, Reserve Bank of India, NITI Aayog and State Bank of India on 15th March, 2017.

The Committee will (i) take stock of the present status of Virtual Currencies both in India and globally; (ii) examine the existing global regulatory and legal structures governing Virtual Currencies; (iii) suggest measures for dealing with such Virtual Currencies including issues relating to consumer protection, money laundering, etc; and (iv) examine any other matter related to Virtual Currencies which may be relevant.

Comments/suggestions from the members of public are requested on the following questions by 31st May, 2017 on the website: MyGov.in.

a) Whether Virtual Currencies (VCs) should be banned, regulated or observed?

b) In case VCs are suggested to be regulated:

i). What measures should be taken to ensure consumer protection?
ii). What measures should be taken to promote orderly development of VCs.
iii). Which appropriate institution(s) should monitor/ regulate the VCs?

c). In case VCs are not suggested to be regulated:

i). What should be the effective self-regulatory mechanism?
ii). What measures should be adopted to ensure consumer protection in this scenario?

It is requested that the comments may be supplemented by rationale and brief.

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Rupesh Rawat's picture

Rupesh Rawat 2 months 2 weeks ago

yes Bitcoin is future corrency. it is already legal in Japan and other countries. Now time Bitcoin legal in India. All Crypto currency is allowed legally in India.Many Pupele want to Bitcoin is legal.

Thanks.

Gffjjyfgjij's picture

Gffjjyfgjij 2 months 2 weeks ago

Digital India not accepting Bitcoin, this will be biggest joke of the century,USA,JAPAN,SOUTH KOREA and AUSTRALIA have legalised Bitcoin and some other super powers are considering to do same,if INDIA wants to flourish legalise it

Kapil Rajput's picture

Kapil Rajput 2 months 2 weeks ago

Our Honorable P.M. MODI SIR,
..
Nothing is wrong in Bitcoin, it should be legalise in india NOT BAN, Due to some reasons.
1. GOVT can easily regulate every transaction of bitcoin bcz Every transaction is done through Bank Account (AS SEBI regulate TRADING OF SHARES.)
2. It could become new source of earning for our Govt by imposing TAX on every Transactions done through bitcoin wallet like Zebpay ( LIKE STT ON SHARES)
Cryptocurrency is a digital currency, which is supporting PM’s mission

Omkar Suryavanshi's picture

Omkar Suryavanshi 2 months 2 weeks ago

Bitcoin Should Be Legal in India and The new fastest cryptocurrency launch name:- Tcc the champcoin...so the... New new ideas are coming... And so... The... Bitcoin should be legal in India.....

Kapil Rajput's picture

Kapil Rajput 2 months 2 weeks ago

Our Honorable P.M. MODI SIR,
..
Nothing is wrong in Bitcoin, it should be legalise in india NOT BAN, Due to some reasons.

1. GOVT can easily regulate every transaction of bitcoin bcz Every transaction is done through Bank Account (AS SEBI regulate TRADING OF SHARES.)

2. It could become new source of earning for our Govt by imposing TAX on every Transactions done through bitcoin wallet like Zebpay ( LIKE STT ON SHARES)

Kapil Rajput's picture

Kapil Rajput 2 months 2 weeks ago

Our Honorable P.M. MODI SIR,
..
Nothing is wrong in Bitcoin, it should be legalise in india NOT BAN, Due to some reasons.

1. GOVT can easily regulate every transaction of bitcoin bcz Every transaction is done through Bank Account (AS SEBI regulate TRADING OF SHARES.)

2. It could become new source of earning for our Govt by imposing TAX on every Transactions done through bitcoin wallet like Zebpay ( LIKE STT ON SHARES)

MODI SIR AAPKA SUPPORT MILNA JARURI HAI..... JAI HIND

Ananda kr Jamatia's picture

Ananda kr Jamatia 2 months 2 weeks ago

Digital India not accepting Bitcoin, this will be biggest joke of the century,USA,JAPAN,SOUTH KOREA and AUSTRALIA have legalised Bitcoin and some other super powers are considering to do same,if INDIA wants to flourish legalise it