Govt forms panel to study virtual currencies

Q.  For studying the framework of which currency has Government of India  formed a panel?
- Published on 14 Apr 17

a. Bitcoin
b. All virtual currencies
c. Mobile wallets
d. Both a and b

ANSWER: Both a and b
Govt forms panel to study virtual currenciesThe government has formed a panel to study the existing framework for virtual currencies such as bitcoin.

Dinesh Sharma, special secretary in the economic affairs department will chair the nine-member inter-disciplinary committee.

The committee has been tasked to submit its report within three months.

Circulation of virtual currencies which are also known as digital/crypto Currencies has been a cause of concern.

Reserve Bank of India had also cautioned the users, holders and traders of virtual currencies (VCs), including bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to vide its press releases dated 24 December, 2013 and February 1, 2017.

The panel will also have representatives from department of economic affairs, department of financial services, department of revenue, home ministry, IT ministry, Reserve Bank of India, NITI Aayog and State Bank of India.

The committee will take stock of the present status of virtual currencies both in India and globally, examine existing global regulatory and legal structures governing them, suggest measures on consumer protection, money laundering etc; and examine any other relevant matter related to virtual currencies.

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