The government of India has fixed May 31, 2017, as the last day by which citizens can express their views of digital currencies on the government portal mygov.in.
This consultative process seems to be a step in the direction of taking some sort of stand on virtual currencies or digital currencies in India.
At the moment digital currencies like Bitcoin operate in a gray space in the country and there have been some controversies lately on the legality of Bitcoin in the second most populous country in the world. If the government is now taking on board public opinion it would appear that they are about to take a stand on the matter.
Should Bitcoin be banned, regulated or observed?
According to the government of India portal, one of the questions that the Indian government is asking the public is whether Bitcoin and other Virtual Currencies (VCs) should be banned, regulated or controlled.
In a post made on the government website, the government of India wants to know from people if virtual currencies are to be regulated what measures should be taken to ensure consumer protection and what measures should be taken to promote ‘orderly’ development of such currencies.
The government is also asking the question which institutions should be involved in the monitoring and regulating of VCs.
Interestingly the government is also asking that if these currencies are not regulated than what should be the effective self-regulatory mechanisms and what measures should be adopted to protect consumers in a self-regulated arena.
https://cointelegraph.com/news/ban-or-else-indian-government-asks-citizens-what-to-do-with-bitcoin
This consultative process seems to be a step in the direction of taking some sort of stand on virtual currencies or digital currencies in India.
At the moment digital currencies like Bitcoin operate in a gray space in the country and there have been some controversies lately on the legality of Bitcoin in the second most populous country in the world. If the government is now taking on board public opinion it would appear that they are about to take a stand on the matter.
Should Bitcoin be banned, regulated or observed?
According to the government of India portal, one of the questions that the Indian government is asking the public is whether Bitcoin and other Virtual Currencies (VCs) should be banned, regulated or controlled.
In a post made on the government website, the government of India wants to know from people if virtual currencies are to be regulated what measures should be taken to ensure consumer protection and what measures should be taken to promote ‘orderly’ development of such currencies.
The government is also asking the question which institutions should be involved in the monitoring and regulating of VCs.
Interestingly the government is also asking that if these currencies are not regulated than what should be the effective self-regulatory mechanisms and what measures should be adopted to protect consumers in a self-regulated arena.
https://cointelegraph.com/news/ban-or-else-indian-government-asks-citizens-what-to-do-with-bitcoin
