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June 02, 2017, 04:08:05 PM |
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In india there is no law work for bitcoin ............indian government just taking views from public what he can do and what indian minister said in parliament written below .....
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF ECONOMIC AFFAIRS RAJYA SABHA UN STARRED QUESTION NO. 2960 TO BE ANSWERED ON 28 th MARCH, 2017/ CHAITRA 7, 1939 (SAKA) FINANCIAL RISK DUE TO VIRTUAL CURRENCIES QUESTION 2960: DR. K.V.P. RAMACHANDRA RAO: Will the Minister of FINANCE be pleased to state: (a) whether Government shares the reported comment of RBI that virtual currencies pose a financial risk; and
(b) if so, how will it address the problem while pushing for a cashless economy? ANSWER MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI ARJUN RAM MEGHWAL) (a) & (b) :
Reserve Bank of India, vide, its Press Release dated February 01, 2017 has advised that it has not given any license / authorization to any entity / company to operate such schemes or deal with Bitcoin or any virtual currency. As such, any user, holder, investor, trader, etc. dealing with Virtual Currencies will be doing so at their own risk.
Reserve Bank of India had issued cautionary advice to 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, its press release dated December 24,2013.
The creation, trading or usage of VCs including Bitcoins, as a medium of payme nt is not authorized by any central bank or monetary authority. No regulatory approval, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities.
The absence of counter parties in usage of VCs including Bitcoins, for illicit and illegal activities in anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws .
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