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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. ...
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.
Bitcoin is a powerful financial revolution in whole world.Japan also accept as NC.Every country take advantage of crypto currency.It is a great chance and write time to regulate bitcoin in India. And its a big turning point of economy & financial system in India. Bitcoini is future currency we can development with cryto currency in India.And I request to RBI & Indian government please accpept Bitcoin.I fully spport to legelized Bitcoin & other cryptocurrency regulate with some tax in India
Bitcoin India me garibi mitayega.
Jashe ki Champ coin aaya h garibi mitane.
INDIA ME AANA CHAHIYE BITCOIN
Cryptocurrency is a digital currency, which is supporting our PM’s mission of
If Japan can legalize it, why not India?
Why can’t India also walk with Japan and ahead from other countries?
So, please think positive, think globally and legalize Cryptocurrency in India.
We have not to ignore the benefits of Fintech/Digital currencies for a developing economy like us, which is taking global acceptance now. Government should take business of all digital currency's under strict observation with present KYC/AML policies and let them grow. Government can also take some steps for creating awareness among public regarding digital currencies.
Thank you opportunity to share Comments/Suggestions on Virtual Currency. Please find document attached below:
Bitcoin based on block chain technology it is a powerful technology in whole world. Every country take advantage of crypto currency. It is a great chance and write time to regulate bitcoin in India. And its a big turning point of economy & financial system in India . bitcoin & Altcoin is future currency . 70 % development depend on cryto currency in India . And I request to RBI & Indian government please bitcoin & Altcoin legalise in Indian . I fully sport blockchain technology regulate in india
It is important to regulate Virtual Currencies to address security concerns, without over-regulating. Over-regulation would drive VC activity underground. Intermediaries that enable Virtual Currency transactions should be regulated, rather than end-users. This would reduce the number of points of supervision, improving enforcement with minimal hindrance to business. These intermediaries should be subject to AML, KYC, anti-fraud and cyber-security regulation. Detailed comments are attached.
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.
Without Bitcoin and The champcoin Digital India mission is impossible.....America, Japan, and many other countries allow bitcoin so why not India..bitcoin legal in india
Bitcoin is the future of currency, it has strength to change the economic of India. we should support bitcoin and gov should implement this cyrpto currency and make it easy to every indian.