Published On: Fri, Apr 14th, 2017

Indian government forms committee to take stand on Bitcoin by July

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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.

The Committee’s tasks are laid out as follows:

  •  Taking stock of the present status of Virtual Currencies both in India and globally;
  • Examining the existing global regulatory and legal structures governing Virtual Currencies
  • Suggest measures for dealing with such Virtual Currencies including issues relating to consumer protection, money laundering, etc; and
  • Examine any other matter related to Virtual Currencies which may be relevant.

The lack of regulation by the government, at a time when other Asian nations including Philippines and Japan do so in acknowledgement of bitcoin as a legitimate method of payment, has led to India’s young but growing bitcoin industry to establish a self-regulatory body and watchdog earlier in February.

Contrary to recent reports of the Indian government deciding upon the legality of bitcoin in the country by April 20, the committee will have three months to submit a report based on its research into bitcoin and its regulation, usage, and acceptance around the world.

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