Report of Inter-Ministerial Committee on Virtual Currencies

Inter-ministerial committee on virtual currencies (Subhash Chandra Garg Committee), which was set up to look into the legality of cryptocurrencies and blockchain, has submitted its report along with a draft bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019’ .

Major Recommendations

  • Highlighted the positive aspect of distributed-ledger technology (DLT) and suggested it’s various applications in financial services such as loan-issuance and tracking, collateral management, fraud detection and claims management in insurance, and reconciliation systems in the securities market.
  • Banning of private cryptocurrencies, given the associated risks and volatility in their prices.
  • Imposing hefty fines and penalties for carrying ....
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