Virtual Currency ? Time to get Real !
Business Line ( 17 Aug ) carries a report titled :
“ Panel not in favour of legalizing virtual currencies “
Highlights of Panel Recommendations :
- Virtual Currencies should not be legalized
- Use of Crypto-Currencies should not be permitted in the country
- There is still not much understanding of what Crypto-currencies are and how to use them in the country
- It has been seen that these currencies are used for speculative purposes
- Crypto-currencies have been used in malware attacks
- Legalizing them could lead to their use in more such incidents
- RBI has , over the years, advised users, holders and traders of such currencies of their potential risks
- RBI has NOT given license or authorization to any entity to operate or deal with bitcoins and virtual currencies in the country
None of the above-listed recommendations of the Expert Committee on Crypto-Currency ( consisting of experts from SBI / RBI / Niti Aayog and others ), could have come as a surprise to those who read my following blog :
In the Eyes of the Beholder ? ( 06 Aug 2017 )
https://myblogepage.blogspot.in/2017/08/in-eyes-of-beholder.html
Our Financial System is getting adjusted to :
- Demonetization
- Benami Property Act
- Panama Papers
- SIT recommendations on Black Money
- GST
- Digital Payments through UPI
- Jan Dhan Accounts
- Linking of PAN with Aadhar
- Quoting of Aadhar while filing tax returns
- 19 % more tax payers filing tax returns
- De-recognition of 1.76 lakh SHELL COMPANIES
- Flow of Rs 3 lakh*crore into banking system after Demon…etc ,
At this juncture , why add to more complications by legalizing 969 varieties of Crypto-Currencies , with a global market valuation of $ 116 BILLION ?
17 Aug 2017
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