Bitcoins Unlikely To Be Declared Illegal In India

Posted By:
Subscribe to GoodReturns

Cryptocurrencies including bitcoin are unlikely to be declared illegal in India as per the government official who informed one of the leading online business portal. Further as told, despite their continuance as a legal virtual currency, the legal framework or body which shall regulate is not clear.

Bitcoins Unlikely To Be Declared Illegal In India

The fate of the currency still hangs as the appointed panel is still not formulating regulations for it. As per the source "Discussions till now suggest that bitcoin will most likely fall under the ambit of the RBI [Reserve Bank of India]. But some are of the opinion that bitcoin is a security rather than a currency and should be regulated by Sebi [Securities and Exchanges Board of India],"

To control the functioning of such currency form, the government in April had formed an inter-disciplinary committee by the special secretary (Economic Affairs) for examining the current framework around virtual currencies. The committee was also asked to submit its report in 3 months time covering information on the current status of the currency both in relation to global aspect and domestically; study around legal and regulatory structure for virtual currency globally; any other matter of material importance; and measures such as money laundering and consumer protection with regard to use of bitcoin.

Know how you can bitcoin in India?

Since the demonetization, bitcoin has also gained momentum in India and the concern has come to fore as its likely use to launder money.

Goodreturns.in

Story first published: Saturday, July 15, 2017, 10:59 [IST]
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