Government of India invited citizens to add comments regarding future regulation of virtual currencies
Government of India invited citizens to add comments regarding future regulation of Virtual Currencies (VC). Indian citizens are invited to add their comments on an open government portal mygov.in, by 31 May. Purpose of this consultative process is a building of the future regulation regarding the Virtual Currencies (like Bitcoin) in India. Government is asking should Bitcoin and Virtual Currencies be banned, regulated, or observed. Government is asking specifics about the possible regulation:
b) In case VCs are suggested to be regulated:
i). What measures should be taken to ensure consumer protection?
ii). What measures should be taken to promote orderly development of VCs.
iii). Which appropriate institution(s) should monitor/ regulate the VCs?
c). In case VCs are not suggested to be regulated:
i). What should be the effective self-regulatory mechanism?
ii). What measures should be adopted to ensure consumer protection in this scenario?
Majority of comments are on a positive note inviting the government to take action in fintech and virtual currency regulation. Ban of the bitcoin virtual currency is unlikely to happen.