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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)
Sachin Khadtare
Sachin Khadtare 7 years 7 months ago

Yes indian govt should to legalise crypto currency. At presently many country have approves bitcoin. And in usa, canada other countries are using bitcoin ATM as well. And some online shopping websites are accepted bitcoin as a payment method. So indian government need to legalise crypto currency.

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Pramod Khanvilkar
Pramod Khanvilkar 7 years 7 months ago

Bit coin is dangerous if not regulated. However it is now too early to regulate it. We need to watch it development and usage.

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vikrant singh_93
vikrant singh 7 years 7 months ago

" The new technology always comes with Pros and Cons, and that is how it is developed, and the End product will be Significantly in favor of our Economy"
Legalize the Cryptocurrencies for the leap in development of our country. Jai Hind.

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Sachin Patil_68
Sachin Patil 7 years 7 months ago

Yes , Bitcoin should be legalised in India but, with some rules and regulations
1) There should be only one exchange through out India by government of India just like BHIM mobile app. Other exchanges like Zebpay looting people.
2) Indian government should trace the bitcoin address of people of India by some unique app.
3) All banks should trade in Bitcoin.
4) Profit should be taxable.

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Gopal Parab
Gopal Parab 7 years 7 months ago

Obviously regulat. Ab tak humari traditional currency se itna curruption hua he.....Digital currency kafi hadd tak usse rok skti he future me.

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Shailendra Singh Rajput_6
Shailendra Singh Rajput 7 years 7 months ago

Cryptocurrency is a digital currency, which is supporting our PM’s mission of

Digital India.

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.

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suman kumar_79
suman kumar_79 7 years 7 months ago

Bitcoin agar India me band karate Hai to India pure world me garib des hojayega, is liye kisi bhi halat me band na kare, India sarkar ka bhi ek modicoin chalu kardiya Hai, so sorry

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porag sonowal
porag sonowal 7 years 7 months ago

Without Bitcoin and The champcoin Digital India mission is impossible.....America, Japan, and many other countries allow bitcoin so why not India..

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Nitin_2192
Nitin 7 years 7 months ago

Yes indian govt should to legalise crypto currency. At presently many country have approves bitcoin. And in usa, canada other countries are using bitcoin ATM as well. And some online shopping websites are accepted bitcoin as a payment method. So indian government need to legalise crypto currency.

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