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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)
Pankaj Sisodiya_1
Pankaj Sisodiya 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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rahul killekar
rahul killekar 7 years 8 months ago

बिटॅकाईन हमारे देशका भविष्य है

ईतका विरोध ना करे ईससे हमारा
ओर देशका भला होगा

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eCom sol
eCom sol 7 years 8 months ago

To try to become absolutely safe, one has to become a grave, so nothing can escape outside.
But then life will also lose it's value.
Since the technology is new,it comes with dangers too,but in trying to avoid all the -ve points,the +ve points will also be missed.which can become very beneficiary for a developing economy like ours.
Of course the risks are there, but in spite of all risks, the progress is always to go with the evolution and not to feel crippled later.
LEGALIZE-&-LEAD IT!!

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Awe Awe
Awe Awe 7 years 8 months ago

the bitcoin the best oppourinit eraning money. it is regulate in india . it is best mothod of eraning money. and we are reques indian goverment please regulate in india .croupoto crunesy future in all world.

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Dayaram pal_1
Dayaram pal 7 years 8 months ago

Bitcoin 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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Ravi saini_48
Ravi saini 7 years 8 months ago

We have seen that developed country like japan has made the cryptocurrency named bitcoin legal.and in india there is a movement recentely seen as cashless transaction we use debit or credit cards these are also like crypto. Transaction so we should make bitcoin and newly launched indain cryptocurrency named the champcoin legal

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RENU GUPTA_32
RENU GUPTA 7 years 8 months ago

virtual currency is future of all currencies it is simple and secure to use plus all transactions are online so can be check easily whether buying or selling it all transactions has to go through online banking so banks can check it like account and person please regulate it and it will be a one more step of digital India

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Shreekant Eknath Kulkarni
Shreekant Eknath Kulkarni 7 years 8 months ago

Bitcoin is new type of Superstar Asset in Financial World. People call it all sorts of names: Digital Gold, Gold2.0, Digital Commodity. It's the 1st Crypto / Digital Currency of the world.
Let's be true, we have always thought that one day there might be a Technology so smart & so strong that it will change the way we live our lives. Bitcoin is that Technology for sure. We should treat it with same respect. Government should authorise the already established Self Regulatory Body & just add tax.

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