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October 23, Monday 2017 2:34 AM       

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       No regulations governing virtual currencies in India: Jaitley
 
         Posted on :17:59:02 Aug 4, 2017
   
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       Last edited on:17:59:02 Aug 4, 2017
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NEW DELHI: There are no regulations governing virtual currencies, including bitcoins, in India at present and the RBI has not given any licence to any entity/company to operate such schemes, Parliament was informed today.
 
In a written reply to the Lok Sabha, Finance Minister Arun Jaitley further said there is evidence that crypto currency/bitcoins are being used in the country and the bitcoin market in India has seen notable growth over the last few years.
 
"At present, there are no regulations governing VCs including Bitcoin (BTC) in India. Further, RBI has advised that it has not given any licence to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency," Jaitley said.
 
The minister further said that taking cognisance of concerns raised at various fora from time to time on increasing use of virtual currencies (VCs) and the regulatory challenges, the Department of Economic Affairs (DEA) constituted a committee with representations from DEA, Department of Financial Services (DFS), Ministry of Home Affairs (MHA), RBI, Niti Aayog and SBI.
 
"The objective(s) of committee were to take stock of the present status of virtual currencies both in India and globally, examine the existing global regulatory and legal structures governing virtual currencies," Jaitley said.
 
Recently, Jaitley had held an inter-ministerial meeting to examine risks related to VCs like bitcoins.
 
Bitcoins were in news recently after a massive global ransomware attack 'WannaCry' hit systems in over 100 countries. The cyber criminals demanded a fee of about USD 300 in crypto-currencies like bitcoin for unlocking affected devices.
 
Recently, a domestic app-based bitcoin exchange Zebpay said it has five lakh downloads on the Android operating system and was adding more than 2,500 users every day.
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       BUSINESS
Next Article: No proposal for consolidation of PSBs: Govt
 
 
BUSINESS HEADLINES
Some rejig in GST rate structure required: Adhia  
Essar completes construction of Ro-Ro terminals in Gujarat  
Now, Air India looks for Rs 1,500 crore short term loans  
Govt incentivises online purchase, payment of Gold Bonds  
Modi praises IFFCO's efforts in farmers upliftment  
UAE Exchange India won Indcom Award 2017 for Best Digital Media Campaign  
Bajaj Finserv slashes personal loan interest rate to 11.99%  
AI looks for Rs. 1,500 crore short term loans  
Paytm reports Mega-Dhanteras sale  
Reliance Jio hikes 84-day plan to Rs. 459  
US dollar ends higher against rupee  
Gold worth inr 120cr transacted within 6 months: Paytm  
Commodities worth over Rs 120 cr procured at MSP in R'sthan  
Nifty hits fresh high; Sensex slips from record  
Sensex, Nifty retreats from record on profit booking  
Reliance Retail to be biggest threat to Amazon, Flipkart: Pai  
India undergoing 'exciting digital transformation: IMF  
Sensex hits new peak of 32,687.32; Nifty at 10,242.45 pts  
Digital India to contribute 30pct to India's GDP by 2025  
Bring real estate under GST: Sisodia writes to Jaitley  
IMF favors three structural reforms in India  
India must go for pollution-free methanol as fuel: Gadkari  
Indian Railways to start cheaper, faster Rajdhani between Delhi-Mumbai  
Help young entrepreneurs to set up startups: AP IT Minister Lokesh to officials  
Madhya Pradesh slashes VAT on petrol by 3%, diesel by 5%  
 
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