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 theEyes of the Beholder ? ( 06 Aug
2017 )
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
www.hemenparekh.in
/ blogs
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