[2017-06-20] Bitcoin in India: Ban Unlikely, Regulation Possible,

[nickbelski]

Bitcoin in India: Ban Unlikely, Regulation Possible, Govt. Report in July

An intergovernmental committee to study a regulatory and legislative framework for the future of digital currencies like bitcoin in India will submit its findings in a report by the end of July.

Back in March, India’s Ministry of Finance announced the formation of an intergovernmental committee to propose a framework for virtual currencies in India.

The committee included participants from India’s central bank, the Reserve Bank of India and India’s largest bank, the State Bank of India, underlining their influence in charting the outcome of talks toward legalizing digital currencies in the country.

The virtual currency committee’s tasks were specifically laid out as:

-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.

In about a month’s time, the Indian government will reveal findings of its months-long study into virtual currencies after discussions within government ministries and the Indian bitcoin industry, as well as listening to the Indian public’s comments on the future of digital currencies in the country.

In conversation with CCN, Sathivk Vishwanath, CEO of India’s best-funded bitcoin exchange Unocoin, underlined the Indian government’s “encouraging” shift in tact with its acknowledgement of digital currencies. As recently as February, India’s central bank published a notice warning the public to be wary of digital currencies, reminding them that investments or association with any companies in the industry would be done at their own risk. The remarkable growth in awareness and adoption of cryptocurrencies ever since has pushed the government into looking into the digital currency ecosystem.

For the first time, the government began engaging in discussions with India’s young but growing digital currency industry.

Read more https://www.cryptocoinsnews.com/bitcoin-india-ban-unlikely-government-report-july/

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[Baofeng]

It looks to me that India is heading in the right direction as far as bitcoin is concern. Putting regulations will be the best thing to do and not a total ban. I think there are a lot of bitcoin enthusiast in India, and it the government has successfully regulate it then more cash will pour into the ecosystem which means more demand and higher price of bitcoin.

[SvenBomvolen]

It looks to me that India is heading in the right direction as far as bitcoin is concern. Putting regulations will be the best thing to do and not a total ban. I think there are a lot of bitcoin enthusiast in India, and it the government has successfully regulate it then more cash will pour into the ecosystem which means more demand and higher price of bitcoin.

Normally. India is the second country in the world by the number of people and bitcoin can become a part of life of many people in there and don't forget about financial sense that bitcoin brings as to ordinary people as to the government.