Bitcoins On The Radar Of Being Regulated And Legalized In India

Posted By:
Subscribe to GoodReturns
For Quick Alerts
For Daily Alerts

    After the trading in bitcoins or decentralized currency has seen a sharp surge in the country, Government in consultation with other stakeholders including the several bitcoin start ups is considering its legalization. As against the consensus that "it is not something which needs to be promoted", the panel forned on April 12 is working to deal with bitcoins or virtual currency.

    Bitcoins On The Radar Of Being Regulated And Legalized In India

    Minted as well as held electronically, users trade amongst themselves in these crypto-currencies with no banking intermediary in place. Both a digit asset form as well as payment system is kept in record using a blockchain technology or interface. 

    The penal was formed after the red flag from the RBI conformed that the trading in such virtual currencies is not authorized and money laundering issues using VCs were on the fore. The panel comprises member from Department of Income Tax, Department of Economic Affairs, officials from the Home ministry, SEBI and the RBI.

    Caution on the Bitcoin front came on the sidelines of sudden spike in bitcoin price post scrapping of high-currency notes in November 2016. Know the procedure to buy and sell bitcoin in India. At present, bitcoin is trading at a price close to Rs. 1 lakh in India. Globally also a similar surge was witnessed in some nations on reasons of its legalization as a lawful payment mode. In the US, bitcoins are classified as a commodity.

    Hesitant about the likely guidelines for Bitcoins, online bitcoin wallet companies are asking for easier norm such that evolution of the technology as well as the foray of new players in the set-up is not impacted. Also, to this effect, players are offering to extend their full cooperation to mitigate any money laundering issues using VCs or bitcoins.

    Read more about: bitcoin virtual currency rbi sebi
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more