Since 2013, the RBI has been issuing cautionary advice in the public interest. However, a sense of relief was embedded in all the cautions for the investors that, if at all, the hammer of Government will only fall on the miscreants who will flout the law of the land.
Ministry of Finance had also constituted an inter-disciplinary committee was also appointed to examine the regulatory framework with regard to Virtual Currencies. The committee was comprised of representatives from different Government departments inter alia, stock exchange board of India and Reserve Bank of India. The act of appointing an expert committee also indicated that the Government is willing to rein in the cryptocurrencies in the best interest of all the participants.
Mohammed Danish is a lawyer practicing at the Delhi High Court in India. You can direct your queries to the Author at email@example.com.