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Comments/Suggestions Invited for the Existing Virtual Currencies Framework

Comments/Suggestions Invited for the Existing Virtual Currencies Framework
Start Date :
May 20, 2017
Last Date :
Jun 01, 2017
00:00 AM IST (GMT +5.30 Hrs)
Submission Closed

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.

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Showing 3888 Submission(s)
Debasis kundu_3
Debasis kundu 7 years 8 months ago

Bitcoin must be legalised. this is digital india. Cash less india. But we still lacking behind. IMPLEMENT TAX BUT DO NOT DO ILLEGAL. JAPAN CHINA USA SOUTH KOREA already support this curremcy. But india is still lacking behing.

Sunny Patil_1
Sunny Patil 7 years 8 months ago

We are moving towards more digital future so definitely cryptocurrencies should be legalised. If not our country will remain behind the world in these advanced technologies.

Vijay Meena_17
Vijay Meena 7 years 8 months ago

Bitcoin is a very powerful concept. This technical innovation is much bigger than innovation of Internet. We as a India need to understand the depth of this topic from technical experts of other countries. Also understand from government officials from countries where Bitcoin is regulated and used in parallel to legal tender.
Bitcoin should be regulated in India. India need to embrace this change, as this is a future of money. This is going to be very important step for India In digitalization.

vivek_2204
vivek_2204 7 years 8 months ago

Legalizing the bitcoin which is one of the greatest cryptocurrency ever would be one step ahead in making digital India and cashless india I do agree that many currencies of ponzi scheme but bitcoin has potential to change the world as it is decentralized

Vijay Meena_17
Vijay Meena 7 years 8 months ago

श्रीमानजी,
मेरे हिसाब से आज पूरी दुनिया में VIRTUAL CURRENCIES के रूप को स्वीकार कर लिया है अगर हमने नहीं किया तो हम समय से पीछे हो जायेंगें.
Bitcoin आज सुरक्षित और सर्वमान्य मुद्रा के रूप में सारी दुनिया में पहचानी जाती है.इसके द्वारा सुरक्षित लेनदेन किया जा सकता है.
फिर भी आप देश का हित देख कर ही कोई फेसला ले.
जय हिन्द!

Sanket Jain_11
Sanket Jain 7 years 8 months ago

Bitcoin and Tcc The champcoin must be legalized in India. It is a future technology in currency and we must go with it. I support Bitcoin and The champcoin.

Sanket Jain_11
Sanket Jain 7 years 8 months ago

Bitcoin is an open source, decentralized, store of value in a form of a distributed ledger thus we can have faith with transparency. More importantly, India should study the concept of blockchain technology which is the backbone of bitcoin or any other cryptocurrency. What surprises me is that over half of the silicon valley employees are Indians, why cant the we indians at home have our own digital currency, integrated in2 the blockchain which gives rise to investors from out. Boom. New Economy

DINESH_2949
DINESH 7 years 8 months ago

श्रीमानजी,
मेरे हिसाब से आज पूरी दुनिया में VIRTUAL CURRENCIES के रूप को स्वीकार कर लिया है अगर हमने नहीं किया तो हम समय से पीछे हो जायेंगें.
Bitcoin आज सुरक्षित और सर्वमान्य मुद्रा के रूप में सारी दुनिया में पहचानी जाती है.इसके द्वारा सुरक्षित लेनदेन किया जा सकता है.
फिर भी आप देश का हित देख कर ही कोई फेसला ले.
जय हिन्द!

BALAJI_862
BALAJI 7 years 8 months ago

bitcoin and crypto currency should be legalized in india. because india moving to cashless society so bitcoin and crypto technology is very usefull for that. we can store us bitcoin safely in wallet with securely...

Jahangir Alam_21
Jahangir Alam 7 years 8 months ago

Bilkul digital currency ko legal kar dena chahiye..nhi toh ham dusre country se buhut saal pi6e rah jayenge...
Japan jaise desho me bitcoin legal h...

Digital currency me bahut se jindegi ka sapna...aur rojgar v h

Sarkar ko request h ki a66e se janch padtal kare lekin legal kare