[2017-07-23] IE: Virtual currency Bitcoin troubles Centre

[polynesia]

Virtual currency Bitcoin troubles Centre

http://www.newindianexpress.com/nation/2017/jul/23/virtual-currency-bitcoin-troubles-centre-1632223--1.html

After last year’s demonetisation and pushing for online transactions, the BJP-led Central government is caught in a quandary over virtual currency Bitcoin. Admitting that Bitcoins could pose to be a threat to the banking system, the government seems to be coming to the consensus on bringing a law to regulate transactions in virtual currencies. It will soon unveil measures to stop virtual currencies becoming a medium for stashing black money and funding terror activities. Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds independent of a central bank.

[reliable]

All Indians are waiting for the government decision to legalize it. They will definitely be bringing it under their purview. Now it depends whether they plan SEBI or RBI to monitor this will need to check. Also it does not seems that they will ban it totally but there would be too many restriction they may place which may become less lucrative for many investors.

[mihir]

SEBI is currently assessing the committee that is looking for technological solutions for regulatory functions. It's still unclear how long will it take to implement the rules and regulations.