Wednesday, August 16, 2017

Panel not in favour of legalising virtual currencies



Panel not in favour of legalising virtual currencies

Says no need for a full ban; Finance Ministry to work on norms to regulate them 

New Delhi, August 16:   

The Finance Ministry will work out a roadmap to regulate the use of virtual currencies such as bitcoins based on the report of an official committee that has suggested not to legalise them.
While welcoming the use of new technologies such as block chain, the committee is said to have proposed that the use of crypto-currencies should not be permitted in the country. It is also not in favour of a complete ban, but is understood to have recommended stringent provisions for regulating it.

“The committee constituted by the Finance Ministry has submitted its report. It is under examination,” said a person familiar with the development.



Link | http://www.thehindubusinessline.com/money-and-banking/panel-not-in-favour-of-legalising-virtual-currencies/article9820210.ece

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Pralhad Jadhav  

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Khaitan & Co 

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