The Indian Government is planning to propose measures so as to regulate cryptocurrencies in the country. The rising popularity of Bitcoin and other digital currencies causes concerns in the country and around the world.
Bitcoin is feared to be a Ponzi scheme, and due to this many believe that it can replace the domestic currency which will cause the government to lose its control over money supply. The Bitcoin experts rather claim that any government does not monitor or control the Bitcoin currency.
The Indian Ministry of Finance has finally received the report submitted by the intergovernmental body, put together in April. The content of the reports is unknown. The media reports suggest that some of the participants of the panel have a more restrictive stand. According to sources, there might be a move to establish some tax policy for the digital currencies. It is yet unknown if the Ministry of Finance will publish the report or not.
A committee set up to examine the current framework for cryptocurrencies in the country. Startups in India which are associated with Bitcoin or blockchain have asked the government to take an inclusive stand which will mainly help the customers who are confused about the legal status of the technology.
Efforts are to study the regulatory environment of the technology and further expand it. Securities and Exchange Board of India (SEBI) launched a full advisory committee to research blockchain and related technologies. According to SEBI, the aim is to see if the tech can apply to its regulatory processes.
Bitcoin is in the market for many years and only made news because of the value it holds in the market. Currently, the currency is valued at INR 2,09,377.83, with a total market cap of over $55 billion (approx. INR 3.5 lakh crore).