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 ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content
Buy September 2019 Issue

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Related Content

India Watch