Indian Government does not maintain any data on virtual currencies like Bitcoins

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The Indian government does not maintain any data related to crypto currencies such as Bitcoin, Minister of State for Finance P. Radhakrishnan said yesterday.

In a written reply to the Lok Sabha, Radhakrishnan also said a panel constituted by the Office of Economic Affairs to take stock of the currents status of virtual currencies in India, and internationally, has submitted its statement.

The panel had asked to examine existing global regulatory and legal set ups governing virtual currencies and suggest the framework for dangerous these currencies, the minister said.

The minister was replying to a question whether cryptocurrencies such as bitcoins are being used significantly during the past couple of year; and if the authorities have received any grievance regarding misuse of crypto currencies.

The minister further said the Reserve Bank of India has additionally informed from time to time to users, holders, and traders of virtual currencies about the actual financial, functional, legal and security-related dangers.

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