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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)
Yogesh kumar mahtolia
Yogesh kumar mahtolia 7 years 8 months ago

All developed countries shows their poaitive attitude towards cryptocurrency...and legalised it..So India should also be legal it...

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Vijay Kumar_1350
Vijay Kumar 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.

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Harshal Kesarwani
Harshal Kesarwani 7 years 8 months ago

FIRST OF ALL THANK YOU TO THE GOVERNMENT TO FOCUS ON VIRTUAL CURRENCY MARKET.AS PER MY OPINION IF WE WANT TO DIGITAL INDIA CRYPTO CURRENCY MUST BE LEGALIZED IN INDIA HENCE VIRTUAL CURRENCY IS A FUTURE AND ITS SAVE TIME AND MONEY FOR GLOBAL TRANSACTION.GOVERNMENT SHOULD BE STRICT TO DIGITAL CURRENCY EXCHANGES AND WALLETS IN INDIA TO CONTROL SCAM AND FRAUD.THERE SHOULD BE STRICT kYC NORM VALIDATE WITH ADHAR CARD FOR FUTURE REFRENCE.

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Hansel Martis
Hansel Martis 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

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Rohit Suryawanshi_3
Rohit Suryawanshi 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.

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Bhushan_305
Bhushan 7 years 8 months ago

My request to Indian government plz make bitcoin legal as modi sarkar want to make cashless India bitcoin will help and cryptocurrency is the future currency it will change the future of our country

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