The Indian Government has formulated a plan to tackle up the issue of Bitcoin Regulation in India. They have asked suggestions and questions regarding crypto currency such as Bitcoin and its future in India.
Government’s Approach on Existing Virtual Currency Framework
Virtual currency in India has remained a cause of concern for the safety of users as well as the government. The Reserve Bank of India in its two separate press releases dated December 24, 2013 and February 01, 2017 has cautioned the users, holders and traders of Virtual currency. The RBI highlighted the potential operational, financial, legal, customer protection and security related risks while using crypto currency like bitcoins.
Measures Taken to Create Bitcoin Regulation in India
In order to examine and regulate the current framework regarding virtual currencies, the government of India has setup a committee to check up the feasibility of virtual currencies in India and their legal, financial and security aspects.
The Job of this Committee is to:
- Take a detailed review of the present system of virtual currency in India and abroad.
- The committee will also examine the present legal framework of Virtual currency in the world and will also look into its regulation in all around the world.
- The committee has also been assigned the job of formulating suggestions regarding the security aspects arising due to virtual currencies including issues related to money laundering, online theft, consumer protection and legal framework.
- The committee will also look into the other matters that are related to virtual currency.
An Opportunity for the Crypto Currency Stakeholders
People who are stakeholders in crypto currency can give their suggestions on MyGov as it is one of the biggest platforms to share your views. Before enacting any law on virtual currency, the government has rightly asked for suggestions. One can contribute his/her views regarding virtual currency to ensure that their voice gets heard at the top.
Virtual currency is good or bad, how safe it is? How it will help in digitalizing currency? How it will contribute in flexible economy? All these questions can be answered using this platform by the people.
The committee has asked the people concerned to this virtual currency to answer few questions regarding Bitcoin regulation on MyGov by May 31st, 2017. After taking suggestions from the public, the committee will formulated suggestions and report on virtual currency.