The report of a committee that will take stock of the present status of virtual currencies both in India and globally may lead to a boom in the Bitcoin price in the country. The paper is to be released in July.
In it, the Inter-Disciplinary Committee within India’s Ministry of Finance seeks to examine the existing global regulatory and legal structures governing virtual currencies and suggest measures for dealing with them, particularly as they relate to consumer protection, money laundering, etc.
The committee, chaired by the Special Secretary for Economic Affairs, comprises of representatives from several financial agencies and institutions including the Reserve Bank of India, State Bank of India, Department of Economic Affairs, Department of Financial Services and the Ministry of Electronics and Information Technology.
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