The Bitcoin craze is catching on in India. While tech geeks and young investors eye the digital cryptocurrency as its value soars, the government, too, is contemplating a course of action surrounding its regulation.
In a move expected to boost financial inclusion, the Department of Economic Affairs in the Ministry of Finance in India has formed an inter-disciplinary committee to examine the framework on virtual currencies. (It is expected to share its findings next month.) In addition, the government initiated a discussion on its forum MyGov to seek public opinion on virtual currencies. Clearly, despite some initial reservations, the Indian government is keen on understanding how Bitcoin works and is willing to deploy resources to build frameworks.
Bitcoin investors and companies welcome these efforts. They feel will it allow them to address concerns over security and risks pertaining to the use of Bitcoin, and eventually work towards improving its infrastructure.
Make sure to give your Comments/Suggestions Invited for the Existing Virtual Currencies Framework to India government on
https://www.mygov.in/group-issue/commentssuggestions-invited-existing-virtual-currencies-framework/
I feel its a good way to express yourself and your view on Crypto Currency
Also its a great initiative by Govt of India who want to listen to his citizen for this new currency
Its a win win for all.. Make sure to devote some time time and give your suggestion
The Indian government’s move to consider Bitcoin regulations was welcomed by the country’s cryptocurrency community. The committee comprising of officials from the Finance Ministry, NITI Aayog, Ministry of Information Technology, State Bank of India and the Reserve Bank of India are involved in the study of usage trends of cryptocurrency within the country and whether it needs to be regulated or legalised.
If India does indeed legalise Bitcoin, then it will join the likes of Japan and maybe even Russia as the Eurasian nation is currently planning to make the digital currency legal within its boundaries.
On the other hand, the Indian government may also decide to monitor the cryptocurrency market for some more time before taking a definite call on it.
All the Best !!!