Topic: India's Government to Consider New Digital Currency Rules (Read 2244 times)

If not mistaken they have create this panel who will submit their reports in 3 months. They will take 3 months to study the entire technology , about the future, its advantages and disadvantages., if it can be controlled then how. What laws it will come under etc. which will take time.

Not able to find any news about the panel meeting or the official outcome of that meeting. Hope they release a statement soon.

I am also curious to know about it ..

Any news on ministrial panel meeting? have they met as scheduled? what was the out come of their meeting?

What do you mean by the government does not have the technology and expertise when India is known as the IT hub of the world when most of the world are sending their work over to India and majority of the leading IT companies are situated inside India how come you can say that they could not utilize their expertise .

They might create a new set of rules and regulations for the crypto currencies rather than banning it and if they are looking outside and what the status of global take on digital currency then there is no way they are going to ban the currency rather they will create a strict law to counter money laundering.

Our Government do not have technology and expertise to fight the perils posed by virtual world to national security.
The best they can do is ban everything.
They should learn from Japan.Why would they have legalized bitcoin?
Banning is not a solution

government is thinking for people good only.we already know our literacy rate and majority do not know about this technology . that's not only the reason they are taking bitcoin or virtual currency in suspicious account ,due to recent demonetization many black holder hidden their black money in virtual currency,it can been seen as there was sudden increase in bitcoin price during demonetization.

I don't think bitcoin users in India will have any objection to regulating the currency, but if the authorities just ban it citing possible abuses, as apparently it seems from some Minister's word, it would be like cutting of men's c***k as that can be potentially used to rape someone 

In the name of protection of people/democracy, Govt does what it wants. Irrespective whether they are aware of consequence or not. What could one think when a MP mentions bitcoin as ponzi?

This money laundering fight is definetly in line with the Financial Action Task Force (FATF) principle's
which is a welcome move as it could  inspire other countries in the world to come up witth some policies curb out money laundering and any terrorist funding.

So are they going to ban virtual currencies or just introduce new rules for crypto users? I hope it's something positive for bitcoin. Hoping for the best!

This is good. Action has been taken before April 20, 2017. I welcome it. Below is the original press release by Govt of India...


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 users, 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 February 1, 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. 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.

The Committee has been tasked to submit it’s report within three months.

Source: http://pib.nic.in/newsite/PrintRelease.aspx?relid=160923

A committee of government and central bank officials in India is set to propose new regulations related to digital currencies.

The Indian government's press service announced today the creation of an interdisciplinary committee drawn from both the Reserve Bank of India as well as the Ministry of Revenue, Department of Financial Services and the Department of Economic Affairs, among others.

Also included are representatives from NITI Aayog, a government-backed think tank, and the State Bank of India, the country’s largest bank.

According to the release, the committee will prepare a report, recommending policies related to money laundering and consumer protection, among other areas.

The report is expected to be delivered within the next three months.

The government said:

"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."

It’s a notable development given that, just weeks ago, statements by a deputy state minister sparked a media flurry suggesting that India had moved to ban bitcoin, prompting calls for the government to clarify its position.

In a way, the committee will answer those calls in what could lead to a major regulatory shift focused on the tech. Yet the tone of the release – which states that "the circulation of virtual currencies which are also known as digital/crypto currencies has been a cause of concern" – indicates that the officials may adopt a stricter stance as they develop policy proposals.

The developments come more than three years after the Reserve Bank of India first issued a warning to domestic consumers about digital currencies.

source : http://www.coindesk.com/indias-government-consider-new-digital-currency-rules/