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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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Monaj Bharti 7 years 8 months ago

में बस एक बात बोलूंगा भारत का भविष्य जुड़ा है बिटकॉइन के साथ और ये भारत में बंद नहीं होनी चाइये और हमारे प्रधान मंत्री श्री नरेंद्र मोदी जी भी बोलते ह डिजिटल इंडिया अगर बिटकॉइन बंद हो गई तो बस फिर ये सब बेकार की बात ह डिजिटल भारत क्यू की तब आप ही बंद कर दोगे तो किस बात का डिजिटल भारत अगर बिटकॉइन बंद कर दी भारत में फिर
डिजिटल india की सुरुवात हुई है आपसे अनुरोध करूँगा बिटकॉइन को बंद न करे
बल्कि बिटकॉइन को भारत की economy से जोड़े
धन्यवाद

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Pranay Ambre 7 years 8 months ago

Cryptocurrency is very safe and fast process of money transfer. We should think about Bitcoin bcoz it is acceptable all over the world. e. g. -Japan legalize it & Australia use it as a currency &Russia legalize next year. So bitcoin acceptance very fast. So why we should not a part of it & legalize in India.

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Harbans 7 years 8 months ago

Bitcoin is a future CURRENCY and easy to use Every person . I support bitcoin bitcoin legal CURRENCY.

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Bhardwaj bsnt Sangam 7 years 8 months ago

Bitcoin & the chamcoin is the best crypto currency
In the world ..and also atm in usa and many more ..so pls india use bitcoin its future of india...and pls its legal..and pls india legalis in india ...beggest future in india..

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Pranay Ambre 7 years 8 months ago

Bitcoin should be legalise since it will be a new era of country development by below means:
1.Digitisation will make country more globalise.
2.More exchanges will attract more tax revenues.
3.It will demonstrate the country cyber power.
It should be legalised in India to match other developed countries standards.

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Shivaji bade 7 years 8 months ago

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

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SHIVAM AGARWAL 7 years 8 months ago

Virtual currencies should be banned, as it eat up whole banking system and in developing country like India it will not be any benefit. India is safe by RBI regulatory mechanisms and is like a firewall for global economic environment. And also India India is IT and service based country, and recent attack of Ramsore virus also ask for payment in Bitcoin as ransom. If it is banned people in India unable to pay the it terrorist and they got deincentivised for doing such activity in India.

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RAJAT 7 years 8 months ago

बिटकॉइन भविष्य की मुद्रा है। इसे बैन करने से हमे भारी नुकसान है। हम tecnology में पीछे हो जाएंगे। बिटकॉइन चालू रहने से सरकार को अतिरिक्त में बहुत ज्यादा मुनाफा होने वाला है। राजस्व में बृद्धि होगा। लोगो को भी इनकम का रास्ता खुलेगा। वैसे ही महगाई बहुत ज्यादा बढ़ गया है। सो मेरा आग्रह है सरकार से बिटकॉइन को रेगुलेट किया जाए।

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