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The government is contemplating banning the trading in cryptocurrencies like bitcoins, Ethereum and Ripple. There are also plans to issue an official digital currency by the RBI. While an outright ban on private cryptocurrencies will stifle innovations, the cryptocurrencies do need regulations to protect the interest of investors. Currently, cryptocurrencies are not legal tender in most countries, but Japan, Australia, Singapore and few other countries allow these virtual currencies as property and tradable assets. Last week, the finance minister Nirmala Sitharaman said that the government is going to take a calibrated position on cryptocurrency. The finance minister also said that the government wants to ensure that there is a window for experiments in the Cryptocurrency space. What should be the regulatory framework for cryptocurrencies and why there is a need for regulations. Let’s look at the five major areas that need the government’s attention.
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