Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use
The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use.
Immediate Steps Recommended
A multi-ministerial panel formed by the Indian finance ministry in April to study and suggest measures for the government to deal with digital currencies including bitcoin has reportedly given the government its official recommendations. The Financial Express reported that:
"[The panel] has recommended the government to take immediate steps to stop use of VCs [virtual currencies] such as bitcoins to protect people from potential frauds and curb money laundering."
Prior to submitting its report to the government, the panel sought views from the public as well as cryptocurrency start-ups. It recently held a meeting where stakeholders were consulted, Minister of State for Finance Arjun Ram Meghwal said last week, adding that it looked into various aspects of digital currencies such as the usage of bitcoin.
The panel also proposed that if the use of digital currencies continues, the government has the option of stopping their transactions by regulating commercial establishments and intermediaries, sources told the news outlet.
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