The underlying feature of Bitcoin is the open, distributed, immutable blockchain which will eliminate third parties for creating trust between two parties for asset transfer.
This is the biggest revolution since the internet itself.
Rather than just regulating "currencies" please develop policy to regulate, and implement blockchain in everything - government, law, commerce, finance, land records etc.

VCs should be legalised in India. An appropriate body (like SEBI for share market) should be constituted to keep investors safe. Digital currency is the next big thing and like Japan, India should realise its potential and take a step forward in its economy.

Cryptocurrencies,it will be definitely become huge because consumer market is growing day by day when it comes to digital money and here in India you know how much population we are living together with.

As of now those who are connected with a platform that is fully integrated with the complete wallet system that is integrated to deliver the benefits in INR directly into the bank accounts of the traders , Consumers and Business owners, are going to make big bucks in coming months.

India should legalize cryptocurrencies.
The world is adapting to this economic revolution and India should not lag in this situation.
The best benefit of virtual currencies is it's transparency,security and simplicity
It will also help flourish the dreams of a DIGITAL INDIA!

Legalised must for progress india with world

While VC purchase and sale through Indian companies can be allowed with regulation of transactions, the mining of VCs like Bitcoins should be banned in the interest of national security, because it is anonymous and transparency of the fund flow is lacking in the mining process.

In allowing the purchase and sale of VCs through Indian firms, government can earn the tax revenue by strict monitoring, but in mining it may not be possible.
Most of the black money can be siphoned into VC mining

Virtual Currencies must be legalised since we are doing progress in Digital India.

Please read completely as I have a proposal for the Government on how to regulate this.
There is a picture embedded with this post, if you can spare some minutes and read it,
followed by a thumbs up so that it can come in a notice to the Government and we can move one step ahead to make it happen in our country.

a) Virtual currencies should be observed first in India as the digitization in this country is yet to reach a vast majority of people. After a few more years, Indian govt. should regulate VC.
b) i) Nothing. Because the blockchain technology ensures that no trust is required here.
ii) Government can build ATM and start cryptocurrencies like bitcoins as payment methods, that should be enough for its promotion.
iii) RBI of course, is the best institution to monitor the VC growth

Since ancient time to this time, currency changed it's face from goods to notes(legal tenders)..As we are moving in high digital market, online shopping, a true digital currency will be required to fulfill it's needs. Cryptcurrency should be legalized in india with all required security checks and laws. As it is very transparent, anyone can check any transaction. We must enter in digital world with digital currency..