Committee for the investigation of virtual currency

Government constitutes an Inter- Disciplinary Committee chaired by Special Secretary (Economic Affairs) to examine the existing framework with regard to Virtual Currencies.

Question- Recently, under whose chairmanship the central government has constituted an inter-disciplinary committee to look into the existing structure of virtual or apparent currencies?
(a) President, SEBI
(b) Governor, RBI
(c) Special Secretary, Economic Affairs
(d) Chairman, CBDT
Ans :(c)
Related facts

  • On April 12, 2017, the Central Government has constituted an inter-disciplinary committee under the chairmanship of Special Secretary, Economic Affairs to look into the existing framework of virtual or apparent currencies.
  • It is represented by the Department of Economic Affairs, Department of Financial Services, Department of Revenue (CBDT), Home Ministry, Ministry of Electronics and Information Technology, Reserve Bank of India, Policy Commission and State Bank of India.
  • The committee will complete the following tasks-
    (I) Take stock of the current situation of virtual (apparent) currencies in the country and abroad.
    (II) Will look into the existing global regulatory and legal structures related to virtual currencies.
    (III) Suggestions for dealing with such types of virtual currencies, including issues related to consumer protection, money laundering etc.
    (IV) Any issue related to virtual currencies will be considered if it be relevant.
  • The committee will submit its report to the government within three months.
  • Significantly, the operation of virtual or apparent currencies, called digital / crypto currency, is a matter of concern.
  • Concerns about these currencies has been raised from time to time on various forums.
  • The Reserve Bank of India has also warned about the potential financial, operational, legal, consumer protection and security risks associated with the use of virtual currencies, including the Bitcoins, holders and traders.

Related Links:-
http://pib.nic.in/newsite/PrintRelease.aspx?relid=160923
http://pib.nic.in/newsite/hindirelease.aspx?relid=60422
http://paisa.khabarindiatv.com/article/govt-sets-up-panel-to-recommend-regulations-for-virtual-currencies/