Government today constituted an inter-disciplinary committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to virtual currencies.
The committee will submit its report within three months, Bureaucracy Today has learnt.
The circulation of virtual currencies aka Digital/Crypto Currencies has been a cause of concern. 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, Bureaucracy Today has learnt.
In order to examine the existing framework, the 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 take stock of the present status of Virtual Currencies both in India and globally and examine the existing global regulatory and legal structures governing virtual currencies while suggesting measures for dealing with such currencies including issues relating to consumer protection, money laundering. It would also examine any other matter related to virtual currencies which may be relevant.