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Bitcoin Trading in India may now come under SEBI

Bitcoin, Bitcoin in India, Trading of Bitcoins in India, Bitcoin news, Bitcoin updates, SEBI, SEBI Bitcoin, SEBI Bitcoins

Securities and Exchange Board of India (SEBI) may take control of Bitcoin Trading in India

According to The Hindu, a leading news publication, trading of Bitcoin in India may be now under the eyes of SEBI. The Government is also introducing some regulatory policies that would enable the levy of Goods and Service Tax (GST) on the sale of cryptocurrencies such as Bitcoin.

Securities and Exchange Board of India (SEBI) is the regulatory body of Securities Markets in India.

The basic functions of the SEBI is “To protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected there with or incidental there to”.

The government is introducing such kind of policies with an idea of treating such virtual currencies like Bitcoin, Ethereum in a manner similar to gold sold digitally. Also to promote trading of Bitcoin on registered exchanges only and keeping a tab on illegal activities related to it such as Money laundering, Drug trafficking and Terror Funding.

Finance Minister of India held a meeting to discuss about Bitcoin

Last month on June 27, the Finance Minister of India, Mr. Arun Jaitley held a meeting with top officials to discuss about virtual currencies such as Bitcoin.

“The discussion on whether crypto-currencies should be banned or regulated has been on for some time. The pros and cons for both aspects were put forth in the meeting chaired by Finance Minister Arun Jaitley last month”, an official told the publication .

A proposal of banning cryptocurrencies was also considered at the meeting. But only few of the attendees among the officials were in favor of banning.

The attendees included officials from the Ministries of Finance, Home Affairs , Reserve Bank Of India, IT , SEBI, State Bank of India and Niti Ayog.

Untill now, Bitcoin in India is neither legal nor illegal.

Apart from Bitcoin, there are many cryptocurrencies such Ethereum , Litecoin, Ripple, etc. Click here to view a list of Cryptocurrencies.

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