The Committee to submit
its report within three months
The circulation of Virtual Currencies which are also known as
Digital/Crypto Currencies has been a cause of concern. This has been
expressed in various fora from time to time. Reserve Bank of India had
also cautioned 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 it’s press releases dated 24th December,
2013 and February 1, 2017.
In order to examine the existing framework, Department of Economic
Affairs, Ministry of Finance has constituted an Inter- Disciplinary
Committee chaired by Special Secretary (Economic Affairs) and
representatives from Department of Economic Affairs, Department of
Financial Services, Department of Revenue (CBDT), Ministry of Home
Affairs, Ministry of Electronics and Information Technology , Reserve
Bank of India ,NITI Aayog and State Bank of India. The Committee will (i)
take stock of the present status of Virtual Currencies both in India and
globally; (ii) examine the existing global regulatory and legal
structures governing Virtual Currencies; (iii) suggest measures for
dealing with such Virtual Currencies including issues relating to
consumer protection, money laundering , etc; and (iv) examine any other
matter related to Virtual Currencies which may be relevant.
The Committee has been tasked to submit it’s report within three months.