The Indian Government Seeks a Regulatory Framework for Bitcoin

The government of India has announced the creation of an Inter-Disciplinary Committee chaired by Special Secretary (Department of Economic Affairs) to examine the existing framework of cryptocurrencies such as bitcoin. It includes representatives from Department of Financial Services, Department of Revenue, Ministry of Home Affairs, Ministry of Electronics and Information Technology, Reserve Bank of India , NITI Aayog and State Bank of India.

The committee will take stock of the present status of cryptocurrencies both in India and globally; examine the existing global regulatory and legal structures; suggest measures for dealing with issues relating to consumer protection, money laundering, and more. It has been tasked to submit it’s report within three months.

Industry response

The Digital Assets and Blockchain Foundation of India (DABFI), an association of Indian bitcoin, cryptocurrency and blockchain companies, has welcomed the move. “We have seen that in countries where governments have come out with a self regulation policy, created an environment for the bitcoin/ blockchain technology to grow, those countries have become the epicenter for innovation.

Digital India is the dream of our current government. By setting up a high level committee to study and give suggestion on virtual currency regulations, government has again shown their keenness to study, understand and take well thought decisions.

We request that the committee will give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross border remittance, full trace & track on the movement of value on the blockchain network, and potential for India to become a financial hub are key benefits that can be derived using virtual currencies.”

(Photo: pixabay)

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