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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)
Kapil Dhingra_2
Kapil Dhingra 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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Raju Mokalkar
Raju Mokalkar 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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Rafique Shaikh_2
Rafique Shaikh 7 years 8 months ago

Bitcoins should be regulate in India .This will help Indians to make our economy powerful. Let's walk with the world towards the digital future.

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Himanshu Rawat_25
Himanshu Rawat 7 years 8 months ago

Cryptocurrency is the currency of future; it SHOULD be made legal & regulated. Japan’s legalized, Australia’s eliminated taxation, Russia is looking to do that; Europe, China & South Korea already have early-mover advantage. Why should the proud Indians be left behind & embrace it later only to realise then that it's too late? Our nation needs to be front-runner in this arena of future. We HAVE to make cryptocurrencies Legal in India IF we have to make INDIA the true SUPERPOWER in coming years.

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Sandeep Singh_533
Sandeep Singh 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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Shubham Dubey_44
Shubham Dubey 7 years 8 months ago

Acc to my view, As safe side the gov should clarify all the related issues with bitcoin for the safety of indian customer who buying bitcoin. if the gov. found any big issues then it should tell to the public and then only take decession.
but if any issues is not found then it should be regulate immediately as possible as.

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prshant_5
prshant 7 years 8 months ago

IT SHOULD BE REGULATED,ESPECIALY COMPANIES ACTING AS EXCHANGES OF CRYPTOCURRENCIES SHOULD NOT VANISH BY CLOSING THERE WEBSITES AND TAKING PUBLIC MONEY,EVEN COS LIKE UNOCOIN CANNOT BE CONTACTED ON TOLLFREE NOS DT.31/5/17

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Ranbir singh_42
Ranbir singh 7 years 8 months ago

Virtual currency is knocking at our future. Please accept n regulate it if you can. We are already tierd off, a country living on the useless issues,like history, religion, tradition.,cunning useless policies etc. At we all can get a better tomorrow.

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Baddrud Zaman
Baddrud Zaman 7 years 8 months ago

Bitcoins should be regulate in india .This will helps India to make more digital and economically powerful. It will make Rupee strong compared to dollar. a must needed step for digital india.

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