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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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Sachin Verma 9 years 3 months ago

I personally think virtual currencies are the future of payments. Govt. want to promote cashless economy and for people to trade globally they need some payment option which is globally acceptable and also secure enough. Virtual currency, specifically Bitcoins are the most secure and widely acceptable currency today. It provides everyone to be equal with people around the globe.

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dheeraj kandwal 9 years 3 months ago

Its a good idea that Govt. of India is asking the views of citizens. I dont think there is any problem in regulations of this virtual currency. It would be good that this currency is regulated either through SEBI or any other regulatory body or RBI. Everyone should be allowed to invest in this currency for trading after proper KYC. Tax etc can be decided by the Govt, as per their wisdom or can be treated as STCG. I vote in favour of this in India.

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Santosh kumar Sarthi 9 years 3 months ago

I think Bitcoin ko Manyata deni cahiye tabhi Hamara desh Cassless ho sakta hai yah Hamare Desh ke Liye Accha hai . Har Bitcoin ke len-Den me sarkar ko Tax laga Deni Cahiye. Thanks My Gov.

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Parvendra Singh Shahoo 9 years 3 months ago

Its too good Indian govt has offered suggestions for vetual currncies ... Its huge responsibility of govt our money will be safe in international level ... Bitcoin is a safe other than fiat currency ... Bitcoin speculation is not in anyone hand ..demand and supply ratio is working here .. bitcoin is a commodity not a currency .. i think no doubt or any conclusions too use crypto currencies in India. Indian govt must be regularasie this commodity to use in india. Its futures asset .

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Aditya Bakre 9 years 3 months ago

Bitcoin should be legalized right now.. Bitcoin is a limited currency, it cannot be printed out of thin air as per private requirements, thereby it removes inflation, it can be used to trade any commodity, stock or currency, it is more secure than any other bank account and is easy to use. all transactions are recorded in a public ledger, therefore no corruption, fake currency, or misuse..

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pushkar raj 9 years 3 months ago

MY VIEWS ABOUT BITCOIN. ITS VERY GOOD FOR OUR COUNTARY . YE GAREBI POORTY KO DOOR KAREGA, HAMARE DESH KE LOG AMEER HONGE. ESKO VELID KIJIYE. AUR THODA SA TAX LAGA DIJIYE. AGAR JIYADA LAGAOGE TO LOG 2 NUMBER ME KAAM KARENGE,JIYADA TAX MAT LAGANA. FIR LOG 1 NUMBER ME KAAM KARENGE

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Rahul Powar 9 years 3 months ago

I think Virtual currencies should be legalised in India. We should not care about the risks now. Because risks will decrease as we start implementing VCs in our daily market. They will gain a stable market if we support them. #MoF #MyGov #SupportVCinIndia

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Anuj Vyas 9 years 3 months ago

iii). Which appropriate institution(s) should monitor/ regulate the VCs? It could be RBI or a body comprising of Govt and big corporate players (IT and Non IT)

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Anuj Vyas 9 years 3 months ago

b) In case VCs are suggested to be regulated: i). What measures should be taken to ensure consumer protection? Govt. should set up its own VC trading platform and slowly and steadily regulates private trading platforms ii). What measures should be taken to promote orderly development of VCs. First of all, all tech companies and big corporates from any industry vertical to build POCs and test cases on real life problems and ways or working.

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Anuj Vyas 9 years 3 months ago

Whether Virtual Currencies (VCs) should be banned, regulated or observed? There is no reason to ban VCs like Bitcoin which is proven and tested by many other countries. Since, Bitcoin cannot be regulated by any government (as per underlying architecture),it will be challenging to stop VCs for illegal activities. The only thing which can be done is to observe.

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