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Committee on Virtual Currencies
July 23 , 2019
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- The Inter-Ministerial Committee on Virtual Currencies has submitted its Report along with draft Bill ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019.’
- It has officially banned and proposed fines for carrying on any activities connected with cryptocurrencies in India.
- But it has also the government urged to consider announcing an “official digital currency”.
- It highlighted the positive aspect of Distributed-Ledger Technology (DLT) commonly known as “blockchain technology”.
- DLT has immense use in the financial services sector. Ex: loan-issuance tracking.
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