Indian Government Asks For Public Opinion On Legalizing Bitcoin

Bitcoin has been highly successful in making its effect felt throughout the world. But after all these years, Indian government is still skeptical about the future of cryptocurrencies in the country. Of course, Bitcoin has never been illegal in India and there’s not any kind of restriction on the use of digital currencies. But at the same time, Indian government hasn’t provided a legal status to the use of Cryptocurrencies like Bitcoin. Consequently, Bitcoin operates in a gray space and Indian government doesn’t show any sort of involvement in the matter.

But clearly, things are starting to change as a large number of country’s population is showing avid interest in Bitcoin. For the first time, it seems like the government has finally decided to take a stance on this topic. Indian government is now seeking public opinion on the same. A new post has been created on mygov.in portal and the registered users can comment and express their views on the topic. The last date to submit your opinion is 31st May 2017 as issued by the government.

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The Significance of Public Opinion

The main objective of starting this opinion poll is to decide the fate of the cryptocurrencies in India. All the comments on the post will be examined by a committee of Economic Affairs. A special committee has been formed by collaborating the different representatives from Department of Economic Affairs, Department of Financial Services, Department of Revenue, Ministry of home affairs and Reserve Bank of India (RBI). By examining the existing state of Cryptocurrencies in the country and taking into account the public’s opinion, the committee is responsible for taking a joint decision on the following topics.

1. Whether or not the cryptocurrencies like Bitcoin should be banned, regulated or controlled?

2. In case they are regulated,

• What should be done to ensure consumer protection?

• How to promote the development of digital currencies?

• Which financial institution should be chosen for monitoring/regulating the cryptocurrencies.

3. In case they are not regulated,

• What should be the mechanism for self-regulation?

• What should be done to ensure consumer protection?

Most People Are Already In favor of Regulation

It’s been several days since the post was created and more than 1500 people have submitted their views. Well, the good thing is a majority of comments are in favor of Bitcoin regulation. People are concerned that regulating Bitcoin in India can be another major step toward making India a cashless economy. Many comments suggest that the government may charge taxes on the Bitcoin transactions by legalizing the use of Bitcoin in the country.

So now that all the Indian citizens are demanding the legitimization of the cryptocurrencies, it would be interesting to see what will be the take of Indian government over this.