<p class="title">An inter-ministerial panel set up to look into the issues of virtual currencies on Monday suggested a complete ban on private cryptocurrencies but opened the door for a possible official digital rupee.</p>.<p class="bodytext">The report of the committee headed by Secretary, Department of Economic Affairs, Subhash Chadra Garg, is likely to be accepted in toto by the Centre.</p>.<p class="bodytext">“The Committee notes with serious concern mushrooming of cryptocurrencies... All these cryptocurrencies have been created by non-sovereigns and are in this sense entirely private enterprises. There is no underlying intrinsic value of these private cryptocurrencies.” it said in a 100-page report submitted to the government and recommended bringing a law to ban cryptocurrencies in India.</p>.<p class="bodytext">It also recommended that carrying such currencies should be treated as a criminal offence in India. The Committee said all exchanges, people, traders and other financial system participants should be prohibited from dealing with cryptocurrencies.</p>.<p class="bodytext">It, however, said the government in consultation with the central board of the Reserve Bank of India, may approve digital rupee to be legal tender.</p>.<p class="bodytext">“The digital rupee shall be governed by such regulations as may be notified by the RBI and relevant provisions of the Reserve Bank of India Act, 1934,” the panel said.</p>.<p class="bodytext">Other than Bitcoin, several other cryptocurrencies have made their name across the globe. These include Ethereum, Ripple and Cardano. As of date, there are around 2,116 cryptocurrencies, with a market capitalisation of $119.46 billion.</p>.<p class="bodytext">Cryptocurrencies have been accorded different treatment across the world with Japan recently recognising Bitcoin as a means of payment, China imposing a complete ban on virtual currencies and US President Donald Trump recently saying he is not a great fan of Bitcoin.</p>.<p class="bodytext">While countries have different stance on virtual currency, no country treats virtual currencies as legal tender.</p>.<p class="bodytext">In February 2018, there were around 50 lakh traders in India in 24 exchanges and cryptocurrency trading volumes were in the range of 1500 bitcoins a day, or around Rs 1 billion, according to the report.</p>
<p class="title">An inter-ministerial panel set up to look into the issues of virtual currencies on Monday suggested a complete ban on private cryptocurrencies but opened the door for a possible official digital rupee.</p>.<p class="bodytext">The report of the committee headed by Secretary, Department of Economic Affairs, Subhash Chadra Garg, is likely to be accepted in toto by the Centre.</p>.<p class="bodytext">“The Committee notes with serious concern mushrooming of cryptocurrencies... All these cryptocurrencies have been created by non-sovereigns and are in this sense entirely private enterprises. There is no underlying intrinsic value of these private cryptocurrencies.” it said in a 100-page report submitted to the government and recommended bringing a law to ban cryptocurrencies in India.</p>.<p class="bodytext">It also recommended that carrying such currencies should be treated as a criminal offence in India. The Committee said all exchanges, people, traders and other financial system participants should be prohibited from dealing with cryptocurrencies.</p>.<p class="bodytext">It, however, said the government in consultation with the central board of the Reserve Bank of India, may approve digital rupee to be legal tender.</p>.<p class="bodytext">“The digital rupee shall be governed by such regulations as may be notified by the RBI and relevant provisions of the Reserve Bank of India Act, 1934,” the panel said.</p>.<p class="bodytext">Other than Bitcoin, several other cryptocurrencies have made their name across the globe. These include Ethereum, Ripple and Cardano. As of date, there are around 2,116 cryptocurrencies, with a market capitalisation of $119.46 billion.</p>.<p class="bodytext">Cryptocurrencies have been accorded different treatment across the world with Japan recently recognising Bitcoin as a means of payment, China imposing a complete ban on virtual currencies and US President Donald Trump recently saying he is not a great fan of Bitcoin.</p>.<p class="bodytext">While countries have different stance on virtual currency, no country treats virtual currencies as legal tender.</p>.<p class="bodytext">In February 2018, there were around 50 lakh traders in India in 24 exchanges and cryptocurrency trading volumes were in the range of 1500 bitcoins a day, or around Rs 1 billion, according to the report.</p>
