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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)
dheeraj357
dheeraj357 7 years 8 months ago

Bitcoin and other digital currencies should be legalized in India. Accepting new form of global digital currencies will be a great gain for our government's Digital India dream. Our economy will grow with these changes in financial world.

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Ankit Bohra_4
Ankit Bohra 7 years 8 months ago

Dear Sir, First i would say the virtual curency is the future of digital world, so adapting it later and behaving likes slaves in front of the other countries is past thing. Adapt it now and apply rules and regulations before hand rather than taking from the rest of the world.. VC and technology like blockchain can change and boost digital INDIA.. People will get educated themselves but also provide sufficient guidlies in all languages.. want to say aloy but no characters left..
.. JAI HIND ..

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Nikhil Tembhurne
Nikhil Tembhurne 7 years 8 months ago

Japan who recently (April, 2017 ) accepted Bitcoin to be used in their country with Fiat money.

Australia Soon gonna accept it on july,2017.

My opinion : It should be legalized.

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meet2amit2002@gmail.com
Amit Tiwari 7 years 8 months ago

Dear Sir,
As most of these so called crypto currencies are based on decentralised blockchain technology and blockchain technology is the future of financial transaction. So, i`m in a view that taking of all the aspects like taxation and how to stop the misuse of these type of currencies, we must regularise these currencies and overall this innovative blockchain technology.

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mail@sreekanth.in
Sreekanth GS 7 years 8 months ago

We are Hatio Innovations Private Limited, an enterprise in India offering technology solutions for Banking and Financial Sector Companies in India and abroad. We are pleased to provide you with our feedback on the questions you have raised, which is based on our experience of thorough study on various Cryptocurrencies, their underlying technology like Blockchain, nature of anonymity, legal status in various countries and financial implications on national and international economy.

mygov_1496238030136615.pdf
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Rishab Kumar Jain
Rishab Kumar Jain 7 years 8 months ago

I think crypto currencies should be legalised as it can help to remove poverty. Many countries are still allowing them as a currency. If needed gov can put some regularisation to prevent any kind of fraud.

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Gaurav_3267
Gaurav 7 years 8 months ago

Bitcoin and crypto currencies should be leagal in India because it's a powerful growing Economy.Other countries are giving so much support so Modi Gov should also give legal persimmison.It's time to grow up....

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