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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)
ଡିଜିଟIଲ ଓଡିଶା
ଡିଜିଟIଲ ଓଡିଶା 7 years 8 months ago

yes it do legal in india because it is the future currency also trend with technology and it also boost to cashless india but in the other hand it minor disadvantge so govt discuss about it so deeply and legal with some rule and security

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Piyush Kankane_1
Piyush Kankane 7 years 8 months ago

In terms of technology acceptance, we always remain 5 years behind rest of the world accepting crypto will leave a very strong impression on digital India brand, it will open the whole new trading World for young entrepreneurs and attract multi-billion dollars investment from all around the world , Blockchain is the future of datamanagmnet later or sooner government has to accept it, strong KYC and certified currency exchanges will increase the faith of buyer and gov.

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SIDDHARTH RAJ_3
SIDDHARTH RAJ 7 years 8 months ago

It must be regularised. it is the future currency which is decentralised and work on blockchain technology. Many banks are adopting it. It is legal in Japan also. we should not left behind in the race of technology. I support bitcoin.

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Abhishek Jain_241
Abhishek Jain 7 years 8 months ago

According to present era,we should not neglect new things ,we should adopt new things as early as possible ,if the thing is legitimate as well as usefull for sustainable development.
If we talk about bitcoin or any other cryptocurrency ,according to me it could be fruitful for our future.

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Sanjeev Kumar Sharma_33
Sanjeev Kumar Sharma_33 7 years 8 months ago

Bitcoin is future currency and cannot be banned , India govt. may regulate and observe cryptocurrency like Bitcoin it is very Popular in india.

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Vijayashankar_2
Naavi 7 years 8 months ago

I am surprised to note that MCX of India which is a sub regulator of RBI and SEBI has come out openly in support of legalization of Bitcoins. This is like insider trading and an attempt to tamper with the functioning of the Committee. i take serious objection to this and call for a disclosure from all the Directors of the MCX of India. I also request the FM to initiate an enquiry as this development indicates that this opinion collection is a farce.

mygov_149624633047200821.pdf
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pAnkaj KUmaR_1397
pAnkaj KUmaR 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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