SEBI to Regulate Bitcoin Trade

  • The government is considering the introduction of a regulatory regime for virtual or crypto currencies, such as Bitcoin, that would enable the levy of the Goods and Services Tax on their sale.
  • The new regime may possibly bring their trading under the oversight of the stock market regulator, Securities and Exchange Board of India (SEBI).
  • In India, they are neither legal nor illegal.

Why such a move?

The idea is to treat such currency in a manner similar to gold sold digitally so that it can be traded on registered exchanges in a bid to “promote” a formal tax base, while keeping a tab on their use for illegal activities such as money laundering, terror funding and drug trafficking.

Source: The Hindu

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