Bitcoin unlikely to be declared illegal in India; regulatory ownership not decided yet

Rjain
By Rjain July 14, 2017 20:07

Bitcoin unlikely to be declared illegal in India; regulatory ownership not decided yet

Bitcoin unlikely to be declared illegal in India; regulatory ownership not decided yet

The fate of bitcoin and other virtual currencies may hang in the balance for some more time as the government appointed panel is unlikely to formulate regulations around it.

But in what may be come as a relief to bitcoin-watchers, a government official privy to the development told Moneycontrol that bitcoin and other virtual currencies are unlikely to be declared illegal in India.

The panel is still to decide which body will have regulatory oversight over cryptocurrencies.

 “Discussions till now suggest that bitcoin will most likely fall under the ambit of the RBI [Reserve Bank of India]. But some are of the opinion that bitcoin is a security rather than a currency and should be regulated by Sebi [Securities and Exchanges Board of India],” the source said.

“The panel does not want to openly term it a currency like how Japan has. But it will take more time to come up with rules around it [bitcoin],” the source added.

Click here for Full News at moneycontrol

Rjain
By Rjain July 14, 2017 20:07
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