India set up a special committee to investigate India bitcoin investigation report will be completed in 3 months

India set up a special committee to investigate India bitcoin investigation report will be completed in 3 months

In April 12th the Ministry of finance of India announced that the India government has set up a research on digital currency (including India bitcoin) committee, the report will be completed within three months.

India was set up to investigate the inter departmental Committee of India bitcoin

India’s Finance Ministry of economic affairs to establish an inter departmental Committee, the committee chaired by the Ministry of finance professional secretary, by the Secretary for economic services, financial services, tax department, the Ministry of civil affairs, Department of electronic and information technology, the Reserve Bank of India, on behalf of India national reform institutions and the National Bank of India.

The inter departmental Committee is:

1, record the status of India and the global digital currency bitcoin, including India;

2, research on digital currency existing global regulatory and legal structure;

3, put forward in consumer protection and money laundering and other fields, India bitcoin measures;

4, check with the digital currency related to any other related matters.

India bitcoin digital currency concerns

The Ministry of finance of India wrote in the notice:

Bitcoin India circulation due to its cryptographic properties, this is the reason to be concerned. The Reserve Bank of India to India bitcoin users, owners and traders issued a warning, warning them to use India bitcoin has the potential financial, operations, legal, customer protection and security related risks.”

The first official warned India’s central bank on India bitcoin released in December 24, 2013, second in February 1st this year.

Recently the India parliament KiritSomaiya to bitcoin oral speech. It also expressed concern that India bitcoin lack of supervision, urging regulators soon announced bitcoin is illegal in India.

Somaiya the difference between India and Japan from India, that the central bank must take action as soon as possible to India bitcoin, and believe that RBI will put into action. Japan in April 1st the formal implementation of the newly revised “Payment Service Act”, admits bitcoin payment legal. Somaiya told the media,

I do not recognize Japan’s practice, what actually happened in Japan bitcoin, nobody knows. But this is my city of our country. RBI must take action, we will see them to take action.”

But contrary to Somaiya’s view, bitcoin transactions in India has been rising. Last week, the India third largest bitcoin exchange Localbitcoins data show that last week the completion of the transaction amounted to 18 million 500 thousand rupees in India.

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