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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)
shruthy v s
shruthy v s 9 years 3 weeks ago
The trading platform shall operate through secure network.Central govt shall take necessary steps to accelerate the implemetation of 5G to make digital india come true
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shruthy v s
shruthy v s 9 years 3 weeks ago
Indcoin will also have an Indcoin i the value of which can be higher than Indcoin f used for International transactions.We can also enter the forex market using Indcoin iv which has a variable value depending on the number of buyers and sellers.The buyers hall buy Indcoin through Aadhar registered bank accounts.There shall be a seperate Cypto currency regulatory authority to deal with all matters relating to such transactions.This shall be linked to the IT department.
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shruthy v s
shruthy v s 9 years 3 weeks ago
with some name like Indcoin .This Indcoin will have four types namely Indcoin f which shall have a fixed value say Rs 50 and can be used for purchases and other transactions and Indcoin v which has a variale value and can be traded in the stockmarket within the country .Indcoin v will have a initial face value and its value will change according to transactions made.Indcoin shall be the sole property of the crypto currency wing of the RBI.
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shruthy v s
shruthy v s 9 years 3 weeks ago
Sir The crypto currencies like bitcoin are widely used all over the world.But its use for transactions including that of terrorism has become a matter of great concern.The anonymity of bitcoin transaction by using deepnet makes it difficult to trace.If we legalise bitcoin it will create a parallel track for both white and black transaction running simultaneously.Still it has become a convenient mode of exchange between people.So why cant we set up our own crypto currency
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Abdul Hamid Abdul Rashid Sheikh
Abdul Hamid Abdul Rashid Sheikh 9 years 3 weeks ago
Im my opinìon govt should take necessary controlling steps to safegaurd public investment in form of bitcoin and allow bitcoin as legal in India. Govt may apply some transaction fees in this.
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Ankur Tyagi
Ankur Tyagi 9 years 3 weeks ago
In india it should be legalize because most of the country uses bitcoins. it's helpful 4 investor. India miss the train if we ban these beautiful concept of crypto currencies.This is the biggest invention after Internet.If its difficult to regularize then just leave it for God sake.just don't Ban it without understanding.I think Govt is afraid of these VCs. The reason is that the concept is not clear. Block chain technology could be used by the Govt for transparency.
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RishiRaj Biswas
RishiRaj Biswas 9 years 3 weeks ago
The internet ushered a new revolution in the global communication and information medium which India capitalized to emerge as an IT powerhouse. Bitcoin and more importantly, the underlying technology Blockchain is the new revolution set to disrupt the global financial system. India should not be left behind and must exploit it.
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