Indian Government to submit their final report on digital currency Bitcoin by the end of July. The best time for bitcoin users as the chance of getting bitcoin legal in India rises.
A few months back in March 2017 the committee formed taking the finance minister, NITI Aayog, Minister of Technology and the Reserve Bank of India and State Bank of India to examine the digital currency and give their report based on research to decide whether to ban or legalize the Bitcoin in India.
The panel examined the each expects of the digital currency in both India and internationally. Looking for the protection of consumers and the issues related to money laundering. The committee has also taken the Indian citizens vote and suggestion regarding the regulation of bitcoin in India.
According to the Money control report, one of the senior government officials said in his statement that:
“We have had five meetings and have consulted all ministries, public, stakeholders (bitcoin exchanges). We will submit the report by July-end.”
The important part is to look forward to the arrangement and keep an eye by the government on the transaction held through digital currency and Bitcoin exchange in India.
“SEBI (Securities and Exchange Board of India) can be asked to regulate virtual currencies as transactions are currently done through unregulated exchanges. RBI may step in if the government plans to regulate them or accept them as currency,” the official said.
Legalizing bitcoin currency can be on the card for India because banning the bitcoin may not be easy. As this step can initiate the illegal form of trading and difficult to monitor the activities and transaction held using digital currency. Whereas the people can get skipped from paying tax to the government as per the government official said.
The government is now paying attention to all the developments and regulation of bitcoin in other countries such as Japan and Russia where bitcoin is still banned. The Indian government is still to make its final decision after the report submission.