Policy on cryptocurrencies should be out soon: Sebi chief

As per him, the government should first come out with the policy and then only the role of Sebi can be outlined.

Sebi chairman Ajay Tyagi has called upon the government to come out with regulation on cryptocurrencies without much delay.
 
“The day Budget was presented, on the next day itself we have requested DEA (Department of Economic Affairs) to call a meeting of that very quickly...We want first a policy to be framed...We have actually decided that which regulator will do what and we want that the committee should come out with the regulations very quickly and we will fully contribute to this,” Tyagi was quoted as saying.
 
Tyagi is a part of the panel on virtual currencies (VCs). The committe is also deliberating if the government can launch its own cryptocurrency.
 
As per him, the government should first come out with the policy and then only the role of Sebi can be outlined.
 
Reserve Bank of India, in a press release in December last year, cautioned the users, holders and traders of virtual currencies (VCs), including bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.
 
It clarified that the creation, trading or usage of VCs including bitcoins, as a medium for payment are not authorised by any central bank or monetary authority. No regulatory approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying on such activities.
 
Even Arun Jaitley, in his Budget speech, said the government does not consider cryptocurrencies
as legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. However, the government will explore use of blockchain technology proactively for ushering in digital economy, the minister said.
 
Source: Media reports

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