virtual currencies Current Affairs, GK & News
The inter-ministerial committee on virtual currencies headed by Finance Secretary Subhash Chandra Garg has recommended for a ban on private cryptocurrencies. On the same time the committee has identified the potential use cases for blockchain technology in areas such as payments systems including cross-border and small value payments; data identity management or know-your-customer requirements by ..
The Reserve Bank of India (RBI) has constituted an inter-departmental group to study and provide guidance on feasibility to introduce fiat digital currency backed by it. It will be submitted by end-June 2018. Fiat currency is currency that a government has declared to be legal tender. It is different from cryptocurrency or virtual currency like ..
The Union government has constituted a time-bound inter-disciplinary committee to come up with an action plan for dealing with virtual currencies so as to fix the regulatory gaps in the existing framework governing virtual currencies. The committee is required to submit its report within three months. Need The circulation of virtual currencies, of late, has ..