Bitcoin to Bitcoin Cash, and now Bitcoin Gold. Hard-fork has become an inherent part of cryptocurrency culture. Though Bitcoins being extremely bullish have successfully survived this hard-fork too, and shown an instant recovery of $300 after plunging to $5,380; however, with every hard-fork, currency vs commodity debate heats up and damages their trust value. Meanwhile, the Government of India has reiterated its previous stance regarding Bitcoins and cryptocurrency, saying its stance is still very much the same what RBI stated in its infamous statement in 2013. And, guess what, Warren Buffett is the latest entry to the Bitcoin bloodbath bandwagon.
Let’s take a look at the recent developments from the world of Cryptocurrency!
3 Months And On, The Govt. Of India Is Still Sleeping On The Report Regarding Cryptocurrency
In response to an RTI vide DOEAF/R/2017/80648 seeking why Ministry Of Financial Services is not making Interdisciplinary Committee report regarding virtual or cryptocurrencies public while report on the digital transaction was made public instantly after its submission, Department of Economic Affairs has invoked provisions of Section 8 (1) (a) of RTI ACt 2005. It has stated that since the report is still under examination, the government of India can’t provide the copy of the same.
So, was the Interim Report of the committee of Chief Ministers on Digital Payments wasn’t examined at all?
And, what is the current understanding of Government of India on cryptocurrencies such as Bitcoins and Ethereum? The response refers to the RBI’s statement dated December 24, 2013, which had cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.