With Bitcoin showing enormous growth potential off late, Government bodies worldwide are having to take the ultimate decision of either going with the flow or shunning it completely. Indian Finance Minister Arun Jaitley had from the very begging been quite apprehensive about these Cryptocurrencies which have long overtaken the yellow metal as the ultimate store of value. Experts feel that not much time is left until Bitcoin overtakes reserve currencies such as Japanese yen and US dollar for gaining the penultimate position. However its decentralized nature of operation devoid of any central authority and appropriate legislation has caused severe malpractices to crawl into the system ranging from money laundering to fraud. Bitcoin touched record figures of $11,434 yesterday before spiraling down the price curve by 20%.
Also Read: Central Bank of Turkey admits Bitcoin is a threat to global banking system
Jaitley was quoted as saying, “Recommendations are being worked at. The government’s position is clear; we don’t recognise this as legal currency as of now,” while asked about the final stand of Indian government in regards to cryptocurrencies.
Jaitley had informed the Parliament back in august that RBI had not yet issued any authorized licenses to Indian companies for trading in Bitcoin or accepting the same as a mode of exchange. He also pointed out that given the challenges involved in regards to cryptocurrencies, the government had constituted a committee termed as Department of Economic Affairs (DEA) having representative of Department of Financial Services (DFS), DEA, RBI, Ministry of Home Affairs (MHA), SBI and Niti Aayog for looking after the same.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.
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