India will revise the legality of Bitcoin in July 2017

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The Indian Ministry of Finance is expected to present its views on cryptocurrencies after 3 months from the time of this article. The ministry said that the circulation of cryptocurrencies “has caused quite a lot of concern” and needs to be considered in several respects:

  1. The trend of virtual currencies in India and the world.
  2. Legal structure and regulations on Virtual Currency.
  3. Proposing measures for Virtual Money to protect consumers, as well as prevent money laundering.
  4. Check for any Cryptocurrency related issues.

The ministry will set up a new committee comprising representatives of the Department of Economic Affairs, the Department of Financial Services, the Department of Revenue, the Ministry of Home Affairs, the Ministry of Information and Electronics Technology, the Reserve Bank of India, and the Authority. National Transforming India and State Bank of India.

That raises a question to Congress about the legality of Bitcoin, under which Finance Minister Arjun Ram Meghwal said: “The Reserve Bank of India does not issue licenses / authorizations to any individual / institutions to manage Bitcoin trading models or agreements, or any virtual currency, ‘for that reason,’ any user, owner, investor or trader is involved in the purchase selling virtual currency will be solely responsible for the risks ”.

Bitcoin is in the legal and illegal threshold in India. Deficiencies in the regulation will not make Bitcoin illegal. It is expected that the Reserve Bank of India, the Department of Revenue, the Department of Financial Services, the State Bank of India and the Ministry of Home Affairs will have to be cautious about the issue of virtual currencies. On the other hand, the National Agenda for Transformation of India and the Ministry of Information Technology and Electronics will be more open. That makes decisions as cautious as possible, as this is a matter of money, taxes and the country’s budget. But anyway, India wants to be the leader it has always been in areas like technology and finance. Clearly this will be a battle between the Ministry of Finance and the Ministry of Information Technology and Electronics, everyone will soon see who holds the common interests, as well as opportunities for development.

When the new Committee submits the regulation, the Government needs to make a decision to accept or reject and make a regulation for Bitcoin. But that does not mean the Government will be bound to this committee, this is just a reference to India’s policy.

In addition to the Committee under the Ministry of Finance mentioned above, there is also the National Assembly Standing Committee in the field of finance researching on Bitcoin. The committee deposed the Reserve Bank of India governor at the end of March. The details of the committee were kept confidential until detailed documents were issued.

In 2013, the Reserve Bank of India said that it does not accept any virtual currency including Bitcoin in India, any individual who is involved in Bitcoin trading will be solely responsible for the risks involved.

In 2017, the Reserve Bank of India continued to warn users, owners and traders about Virtual Currencies (VCs) including Bitcoin and financial risks and risks when used. , legal issues and consumer protection. The aforementioned risks are mentioned in the press release on 12/24/2013.

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