India could legalize Bitcoin in the near future as feedback from citizens and businesses appears to be in support of regulating virtual currencies.
India’s Gov’t Asks Public About Virtual Currencies
The online comments section, which is to run for 10 days, has already received nearly 4,000 submissions since it was launched on May 21st.
The areas polled are: whether Virtual Currencies (VCs) should be banned, regulated or observed? In case VCs are suggested to be regulated, then what measures should be taken to ensure consumer protection, promote development and also which institution should be monitoring and regulating them?
It goes on to also ask what would be effective self regulatory mechanisms, and the methods which should be adopted to ensure consumer protection in these scenarios.
Feedback From Citizens & Organizations
Most comments are brief, but they do represent a generally positive opinion of Bitcoin and virtual currencies in general with some encouraging everyone to profit via taxation.
For example, one person commented:
Bitcoin, Blockchain is the future of finance, administration, governance, markets, IT etc. This technology has huge potential for a growing country like India. India should follow Japan, embrace this technology without introducing road blocks. If India put regulatory burden on it, it will not limit the technology but will keep India isolated from its benefits. Like internet, tech will grow irrespective. We have choice to embrace, or be left behind..
Another person said that government regulation will help reduce corruption and black market trade as well as proving useful for the economy as a whole.
Tarkesh Tambulkar wrote:
Bitcoin is the future of India, it is also increases the tax of Indian government. So it should be regulated
“Bitcoin regulatory should improve economical growth in India, crypto currency makes digital India to reduce poverty in future it will