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href="https://www.newindianexpress.com/business/2018/Dec/26/bitcoin-on-highway-to-being-legit-1916541.html"/><meta name="author" content="Anuradha Shukla"/><meta name="news_keywords" content=""/><meta name="title" content="Bitcoin on highway to being legit"/><meta property="og:type" content="article"/><meta property="og:url" content="https://www.newindianexpress.com/business/2018/Dec/26/bitcoin-on-highway-to-being-legit-1916541.html"/><meta property="og:title" content="Bitcoin on highway to being legit"/><meta name="twitter:card" content="summary_large_image"/><meta name="twitter:title" content="Bitcoin on highway to being legit"/><meta name="twitter:image" content="https://media.assettype.com/TNIE%2Fimport%2F2018%2F9%2F9%2Foriginal%2F2017-10-10T084024Z_1_LYNXMPED990J8_RTROPTP_4_GLOBAL-BITCOIN.JPG?w=1200&ar=40%3A21&auto=format%2Ccompress&ogImage=true&mode=crop&enlarge=true&overlay=false&overlay_position=bottom&overlay_width=100"/><meta property="twitter:image:alt" content="Bitcoin on 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There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” a senior official who attended the panel’s meetings told this paper. The committee has met twice on the issue and is likely to submit its report to the finance ministry by February next..The government set up the first interdisciplinary committee led by special secretary Dinesh Sharma (now retired) with members from CBDT, Ministry of Home Affairs, MeitY (Ministry of Electronics and Information Technology), RBI, NITI Aayog and SBI in March 2017. Four months later, the committee recommended a total ban on cryptocurrency in India with immediate effect..Soon after, an RBI circular rendered cryptocurrency illegal. And the finance ministry on December 29, 2017, and Finance Minister Arun Jaitley in his budget speech on February 1, 2018, echoed the harsh line.However, various stakeholders challenged the RBI fiat in the Supreme Court. After conflicting opinions, the government set up the second inter-ministerial committee, led by the Department of Economic Affairs secretary Subhash Chandra Garg..Members of the second inter-ministerial committee include the revenue secretary and officials from SEBI, RBI and MEITY. Recently, G20 countries agreed to introduce regulations on crypto assets to counter money laundering and financial terrorism. That was in line with the thought process in the Financial Action Task Force, another inter-governmental body..In fact, some of the second interdisciplinary committee members, such as RBI executive director Ganesh Kumar and Finance Ministry officials have already actively participated in G20 and FATF working group meetings. They are expected to include insights they gained from the global deliberations in their report. The panel is likely to meet next in January. “We have also taken inputs from cryptocurrency exchanges and experts and will be examining legal issues with the law ministry. It’s a complicated issue. Once all aspects are decided, then we will have more clarity,” the official added..Follow The New Indian Express channel on WhatsApp Download the TNIE app to stay with us and follow the latest","dateCreated":"2018-12-26T06:56:00Z","dateModified":"2018-12-26T11:42:00Z","name":"Bitcoin on highway to being legit","isPartOf":{"@type":"WebPage","url":"https://www.newindianexpress.com/business/2018/Dec/26/bitcoin-on-highway-to-being-legit-1916541.html","primaryImageOfPage":{"@type":"ImageObject","url":"https://media.assettype.com/TNIE/import/2018/9/9/original/2017-10-10T084024Z_1_LYNXMPED990J8_RTROPTP_4_GLOBAL-BITCOIN.JPG?w=1200&h=675&auto=format%2Ccompress&fit=max&enlarge=true","width":"1200","height":"675"}},"articleSection":"Business","@type":"Article","@context":"http://schema.org"}</script><script type="application/ld+json">{"headline":"Bitcoin on highway to being legit","image":{"@type":"ImageObject","url":"https://media.assettype.com/TNIE/import/2018/9/9/original/2017-10-10T084024Z_1_LYNXMPED990J8_RTROPTP_4_GLOBAL-BITCOIN.JPG?w=1200&h=675&auto=format%2Ccompress&fit=max&enlarge=true","width":"1200","height":"675"},"url":"https://www.newindianexpress.com/business/2018/Dec/26/bitcoin-on-highway-to-being-legit-1916541.html","datePublished":"2018-12-26T06:56:00Z","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.newindianexpress.com/business/2018/Dec/26/bitcoin-on-highway-to-being-legit-1916541.html"},"publisher":{"@type":"Organization","@context":"http://schema.org","name":"The New Indian Express","url":"https://www.newindianexpress.com","logo":{"@context":"http://schema.org","@type":"ImageObject","author":"newindianexpress","contentUrl":"https://images.assettype.com/newindianexpress/2024-01/513ad66b-9f6c-4c96-a3d5-ea0e785580a6/Long_Light_Mode_500_Height.png","url":"https://images.assettype.com/newindianexpress/2024-01/513ad66b-9f6c-4c96-a3d5-ea0e785580a6/Long_Light_Mode_500_Height.png","name":"logo","width":"","height":""},"sameAs":["https://www.facebook.com/thenewindianxpress","https://twitter.com/NewIndianXpress","https://instagram.com/newindianexpress/","https://www.youtube.com/user/thenewindianxpress","https://t.me/thenewindianexpress"],"id":"https://www.newindianexpress.com"},"author":[{"@type":"Person","givenName":"Anuradha Shukla","name":"Anuradha Shukla","url":"https://www.newindianexpress.com/author/anuradha-shukla"}],"keywords":"","thumbnailUrl":"https://media.assettype.com/TNIE/import/2018/9/9/original/2017-10-10T084024Z_1_LYNXMPED990J8_RTROPTP_4_GLOBAL-BITCOIN.JPG?w=1200&h=675&auto=format%2Ccompress&fit=max&enlarge=true","articleBody":"NEW DELHI: Holding cryptocurrency like Bitcoin is banned in India, but that could change, as the second interdisciplinary committee is in favour of legalising it, with harsh riders..“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” a senior official who attended the panel’s meetings told this paper. The committee has met twice on the issue and is likely to submit its report to the finance ministry by February next..The government set up the first interdisciplinary committee led by special secretary Dinesh Sharma (now retired) with members from CBDT, Ministry of Home Affairs, MeitY (Ministry of Electronics and Information Technology), RBI, NITI Aayog and SBI in March 2017. Four months later, the committee recommended a total ban on cryptocurrency in India with immediate effect..Soon after, an RBI circular rendered cryptocurrency illegal. And the finance ministry on December 29, 2017, and Finance Minister Arun Jaitley in his budget speech on February 1, 2018, echoed the harsh line.However, various stakeholders challenged the RBI fiat in the Supreme Court. After conflicting opinions, the government set up the second inter-ministerial committee, led by the Department of Economic Affairs secretary Subhash Chandra Garg..Members of the second inter-ministerial committee include the revenue secretary and officials from SEBI, RBI and MEITY. Recently, G20 countries agreed to introduce regulations on crypto assets to counter money laundering and financial terrorism. That was in line with the thought process in the Financial Action Task Force, another inter-governmental body..In fact, some of the second interdisciplinary committee members, such as RBI executive director Ganesh Kumar and Finance Ministry officials have already actively participated in G20 and FATF working group meetings. They are expected to include insights they gained from the global deliberations in their report. The panel is likely to meet next in January. “We have also taken inputs from cryptocurrency exchanges and experts and will be examining legal issues with the law ministry. It’s a complicated issue. Once all aspects are decided, then we will have more clarity,” the official added..Follow The New Indian Express channel on WhatsApp Download the TNIE app to stay with us and follow the latest","dateCreated":"2018-12-26T06:56:00Z","dateModified":"2018-12-26T11:42:00Z","name":"Bitcoin on highway to being legit","isPartOf":{"@type":"WebPage","url":"https://www.newindianexpress.com/business/2018/Dec/26/bitcoin-on-highway-to-being-legit-1916541.html","primaryImageOfPage":{"@type":"ImageObject","url":"https://media.assettype.com/TNIE/import/2018/9/9/original/2017-10-10T084024Z_1_LYNXMPED990J8_RTROPTP_4_GLOBAL-BITCOIN.JPG?w=1200&h=675&auto=format%2Ccompress&fit=max&enlarge=true","width":"1200","height":"675"}},"articleSection":"Business","alternativeHeadline":"","description":null,"@type":"NewsArticle","@context":"http://schema.org"}</script><meta name="description" content="The committee has met twice on the issue and is likely to submit its report to the finance ministry by February 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fCDoBE"><a href="https://epaper.newindianexpress.com/" class="presentational-components__StyledAnchor-sc-abef3z-4 hPdGvn">E-Paper</a></li></ul></amp-nested-menu></div></amp-sidebar></div></header></div><amp-analytics data-credentials="include" config="https://www.googletagmanager.com/amp.json?id=GTM-MMDZD5&gtm.url=SOURCE_URL"></amp-analytics><div class="generic-story__Wrapper-sc-dtp3aq-1 iUWjdo"><div class="components__AdWrapper-sc-h8rp1r-0 ktawIq"><amp-ad type="doubleclick" json="{"targeting":{"environment":["production"],"publisher-name":["newindianexpress"],"sections":["business"]}}" width="300" height="250" data-slot="/3167926/NIE_SP_AMP_300x250_1"></amp-ad></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div id="qt-amp-story-container" class="generic-story__StoryContainer-sc-dtp3aq-0 dWdwrc qt-amp-story-container-class"><div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 jGKHzp"></div><div class="header-card__HeaderCardContainer-sc-11yiwn5-2 fwjOte"><span class="section__StyledSectionName-sc-1rup2q0-0 gQNdDM">Business</span><div class="spacer__StyledSpacerVertical-sc-175lggr-0 cwfUOS"></div><h1 class="header-card__Headline-sc-11yiwn5-0 leHzDz">Bitcoin on highway to being legit</h1><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><h2 class="header-card__SubHeadline-sc-11yiwn5-1 hfySKH">The committee has met twice on the issue and is likely to submit its report to the finance ministry by February next.</h2><div class="spacer__StyledSpacerVertical-sc-175lggr-0 cwfUOS"></div><div><div class="author-wrapper">Anuradha Shukla</div></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 jIHSxt"></div><time dateTime="26th Dec, 2018 at 5:12 PM" class="date-time__StyledTime-sc-3hdfd2-0 bRfykW">Updated:<span class="spacer__StyledSpacerHorizontal-sc-175lggr-1 eiQfMk"></span>26th Dec, 2018 at 5:12 PM</time><div class="spacer__StyledSpacerVertical-sc-175lggr-0 cwfUOS"></div><div class="social-share-header__Wrapper-sc-1jv4se-0 hFhScp"><div class="social-share-icon__StyledSocialShare-sc-160zd0x-0 hszSLt"><amp-social-share style="border-radius:50%;background-size:75%" type="twitter" width="40" height="40" aria-label="socialshare icon"></amp-social-share></div><span class="spacer__StyledSpacerHorizontal-sc-175lggr-1 jWKUYz"></span><div class="social-share-icon__StyledSocialShare-sc-160zd0x-0 hszSLt"><amp-social-share style="border-radius:50%;background-size:75%" type="facebook" width="40" height="40" data-param-app_id="1167191884675389" aria-label="facebook social share icon"></amp-social-share></div><span class="spacer__StyledSpacerHorizontal-sc-175lggr-1 jWKUYz"></span><div class="social-share-icon__StyledSocialShare-sc-160zd0x-0 hszSLt"><amp-social-share style="border-radius:50%;background-size:75%" type="whatsapp" width="40" height="40" aria-label="socialshare icon"></amp-social-share></div></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div></div></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 cwfUOS"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><p>NEW DELHI: Holding cryptocurrency like Bitcoin is banned in India, but that could change, as the second interdisciplinary committee is in favour of legalising it, with harsh riders.</p></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><p>“We have already had two meetings. There is a general consensus that cryptocurrency cannot be dismissed as completely illegal. It needs to be legalised with strong riders. Deliberations are on. We will have more clarity soon,” a senior official who attended the panel’s meetings told this paper. The committee has met twice on the issue and is likely to submit its report to the finance ministry by February next.</p></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><p>The government set up the first interdisciplinary committee led by special secretary Dinesh Sharma (now retired) with members from CBDT, Ministry of Home Affairs, MeitY (Ministry of Electronics and Information Technology), RBI, NITI Aayog and SBI in March 2017. Four months later, the committee recommended a total ban on cryptocurrency in India with immediate effect.</p></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><p>Soon after, an RBI circular rendered cryptocurrency illegal. And the finance ministry on December 29, 2017, and Finance Minister Arun Jaitley in his budget speech on February 1, 2018, echoed the harsh line.<br />However, various stakeholders challenged the RBI fiat in the Supreme Court. After conflicting opinions, the government set up the second inter-ministerial committee, led by the Department of Economic Affairs secretary Subhash Chandra Garg.</p></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><p>Members of the second inter-ministerial committee include the revenue secretary and officials from SEBI, RBI and MEITY. Recently, G20 countries agreed to introduce regulations on crypto assets to counter money laundering and financial terrorism. That was in line with the thought process in the Financial Action Task Force, another inter-governmental body.</p></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><p>In fact, some of the second interdisciplinary committee members, such as RBI executive director Ganesh Kumar and Finance Ministry officials have already actively participated in G20 and FATF working group meetings. They are expected to include insights they gained from the global deliberations in their report. The panel is likely to meet next in January. “We have also taken inputs from cryptocurrency exchanges and experts and will be examining legal issues with the law ministry. It’s a complicated issue. Once all aspects are decided, then we will have more clarity,” the official added.</p></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="text__StyledText-sc-n3xoc4-0 dGQdAY"><div><p><strong><ins><a href="https://www.whatsapp.com/channel/0029VaAJz0Q2f3EFfUEev01O" rel="nofollow noopener" target="_blank">Follow The New Indian Express channel on WhatsApp</a> </ins></strong></p><p><strong><a href="https://onelink.to/heh8j3" rel="nofollow noopener" target="_blank">Download the TNIE app to stay with us and follow the latest</a></strong></p><p></p></div></div><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><div class="components__AdWrapper-sc-h8rp1r-0 kEbIUS"><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div><amp-ad type="doubleclick" json="{"targeting":{"environment":["production"],"publisher-name":["newindianexpress"],"sections":["business"]}}" width="300" height="250" data-slot="/3167926/NIE_SP_AMP_300x250_2"></amp-ad><div class="spacer__StyledSpacerVertical-sc-175lggr-0 caKEka"></div></div></div><div class="components__AdWrapper-sc-h8rp1r-0 ktawIq"><amp-ad type="doubleclick" json="{"targeting":{"environment":["production"],"publisher-name":["newindianexpress"],"sections":["business"]}}" width="300" height="250" data-slot="/3167926/NIE_SP_AMP_300x250_3"></amp-ad></div></div><amp-analytics type="gtag" data-credentials="include"><script type="application/json">{"vars":{"gtag_id":"G-G7QJFDYYFT","config":{"G-G7QJFDYYFT":{"groups":"default"}}},"triggers":{"trackPageview":{"on":"amp-next-page-scroll","request":"pageview","scrollSpec":{"useInitialPageSize":true}}}}</script></amp-analytics><amp-analytics><script type="application/json">{"requests":{"storyview":"https://prod-analytics.qlitics.com/api/${random}/amp?publisher-id=${publisherId}&event-type=${eventType}&story-content-id=${storyContentId}&url=${ampdocUrl}&referrer=${documentReferrer}"},"vars":{"publisherId":5591,"storyContentId":"6370de72-182c-4e8c-9f8b-8950feabbd2d"},"triggers":{"trackStoryview":{"on":"visible","request":"storyview","vars":{"eventType":"story-view"}}}}</script></amp-analytics><amp-next-page src="https://www.newindianexpress.com/amp/api/v1/amp-infinite-scroll?story-id=6370de72-182c-4e8c-9f8b-8950feabbd2d"><script type="application/json">[{"image":"https://media.assettype.com/newindianexpress/2024-11-30/h4dku9wd/ANI_20241130115443.jpg?format=webp&w=250","title":"Champions Trophy: PCB wants long-term solution as chances of hybrid model increase","url":"/amp/story/sport/cricket/2024/Nov/30/champions-trophy-pcb-wants-long-term-solution-as-chances-of-hybrid-model-increase"},{"image":"https://media.assettype.com/newindianexpress/2024-11-16/t7yvdami/IMG-20241116-WA0107.jpg?format=webp&w=250","title":"Manipur: Last rites of 12 Kuki-Zo tribals on Dec 5, shutdown called","url":"/amp/story/nation/2024/Nov/30/manipur-last-rites-of-12-kuki-zo-tribals-on-dec-5-shutdown-called"},{"image":"https://media.assettype.com/newindianexpress/2024-11-30/e3oj9zlh/ChessFIDEGame5.jpg?format=webp&w=250","title":"World Chess Championship: Damage control by Gukesh to escape with draw in Game 5","url":"/amp/story/sport/2024/Nov/30/gukesh-draws-with-ding-scores-still-tied-after-five-games-in-world-chess-championship"},{"image":"https://media.assettype.com/newindianexpress/2024-10-10/hjl9sob0/saji.jpg?format=webp&w=250","title":"Culture Minister Saji Cherian intervenes as Kalamandalam retrenches 130 temporary employees","url":"/amp/story/states/kerala/2024/Nov/30/culture-minister-saji-cherian-intervenes-as-kalamandalam-retrenches-130-temporary-employees"},{"image":"https://media.assettype.com/TNIE/import/2021/9/6/original/Death.jpg?format=webp&w=250","title":"Uttar Pradesh: Passenger falls to death while spitting 'Paan' from moving bus","url":"/amp/story/nation/2024/Nov/30/uttar-pradesh-passenger-falls-to-death-while-spitting-paan-from-moving-bus"}]</script><div separator="true"><div class="infinite-scroll__StyledSeparator-sc-y36qta-0 iqZzMQ"><div data-testid="infinite-scroll-separator">SCROLL FOR NEXT</div></div></div><div next-page-hide="true" footer="true"><footer class="footer__StyledFooter-sc-11jfec5-1 eIbuuG"><p>Copyright - newindianexpress.com 2024. 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