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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)

kulwinder singh 8 years 2 months ago

i am not requesting you, i want to tell you that u should have to legal this crypto currency, because if a country wants to develop very fast this is the chance to make our indian rupees greater than dollar or pound, if government make on tax on it, it should be like this , that make a tax through a government on bank accounts of person who make withdrawal of bitcoins worth greater than 10 lakh. or if we want to fight with hackers government should have to hire legal hackers team in india.

Dheeraj Kumar 8 years 2 months ago

Bitcoin should be legalised in india.
After all it is the future of all types of payment system.
So please legalised bitcoin

Milind M. Kokate 8 years 2 months ago

My opinion on virtual currencies are as follows, Govt INDIA must regulate bitcoin and other virtual currencies as digital INDIA campaign, many countries already done it.
1. Government should try to ensure of consumers protection as well as campaign of awareness, benefits and use of virtual currencies In all sectors of India.
2. Measures to promote this virtual currency our government should make a experts team to watch global changes and movements in virtual currencies and also act p

Saddam 8 years 2 months ago

Bitcoin should be legalize in India aa it is the future currency. It is fast and quick way to send and receive payment. Japan has already made Bitcoin legal and Russia second world power nation is mulling to accept crypto currency as digital payment method.

Amit Kaushik 8 years 2 months ago

Jab pura India Digital India ban Raha hai to bitcoin Jaisi digital crypto currency Ko bhi legal kar Dena chaheye.future is Digital...

Sandhya Gupta 8 years 2 months ago

Kindly requested to Shri Modi sir ,regulate crypto currency in india it will global currency of future. India must go with global. Thanks

Mdasaduzzaman Sheikh 8 years 2 months ago

Right now Bitcoin(price) is regulated by 'exchanges' like Unicorn, when the price start dropping they increased the difference between buy and sell by almost Rs.30000/- , i would request the govt to curb 'exchanges' like Unocoin

Yogender Rawat 8 years 2 months ago

Bitcoin should be regularize in India with strong KYC process.

Sarfraj shabnoor sayyed 8 years 2 months ago

There is no doubt Bitcoin is worldwide currency it was a future of currency many Top countrys accepted bitcoin Our Govt.would legalize this digital currency

Tapas Kumar Sarangi 8 years 2 months ago

I think virtual currency should be regulate in india ... we are stepping up towards the digital INDIA ... Thanks for modiji ... so in this condition we should have to appriciate the global changes ..but its also important that government must have to provide cyber security to the investors.. new laws must be form for virtual currency. Government should regulate it.. if government thinking about pay the tax on those profit,then government is liable to provide the cyber security to the investors.