India’s Finance Ministry suggest immediate steps to discontinue use of cryptocurrency in the country which shall also include Bitcoin. There shall be regulation of intermediaries and commercial establishment accordingly if any they continue using cryptocurrencies – Panel further proposed. Consequently, businesses who use cryptocurrencies will be liable for responsibilities and shall stop accepting it.
Digital currency startups, Public figures, and other market stakeholders were in consideration before panel recommendations.
Current position on regulating Digital Currencies
Though, the Indian Government has yet to finalize on ways of dealing with the use of Digital currency. Besides panel recommendations, awareness towards cryptocurrency regulation has already been started by Government and certain states began regulating blockchain.
Subsequently, an order from Supreme court to the Indian Government has already issued an order on conducting an investigation on the complaints about not taking action towards digital currencies. Furthermore, 4 weeks’ time has been given to update on the matter raised.
Cryptocurrency status Now in India
As the growth of Bitcoin in the other countries, Bitcoin is also counting as the growing participant of Cryptocurrency market. According to Unocoin – the Indian cryptocurrency Exchange, 50 new merchants have accepting Bitcoin payment in July 2017.
With this survey, it is exciting to focusing on whether Indian government follows the Panel’s recommendation.
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