Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
July 18, Wednesday 2018 2:58 AM       

       HEADLINES: Police to keep eye on communal organisations                                              Tharoor supports Ramayana month observation                                              Pilgrim dies as bus hits a tree                                              Don't need any more victims of campus politics: HC                                              Tharoor calls BJP 'narrow-minded'                                              Mother Teresa group Missionaries of Charity under investigation for baby trafficking                                              SC directs Parliament to create separate law for lynching to control mob violence                                              Judgement on Section 377 reserved by SC as hearing ends                                              Trump and Putin open historic summit                                              Putin: US-Russia ties should not be held hostage to Mueller probe                                              Israel warns Syrians away from frontier as Assad closes in                                              Team from India to play in Neymar Jr's Five World Final                                              Kaumudi Facebook
       BUSINESS Next Article: Blackmoney SIT reviews cryptocurrencies; directs clampdown  
       Cryptocurrency: ASSOCHAM calls for extreme care
 
         Posted on :22:54:44 Apr 8, 2018
   
A A
       Last edited on:22:54:44 Apr 8, 2018
         Tags: Cryptocurrency, ASSOCHAM, extreme care
 

NEW DELHI: Commenting on the Reserve Bank of India's (RBI) move to explore and examine the introduction of official virtual currency in the country, apex trade association, the ASSOCHAM, cautioned that extreme care needs to be taken to ensure safety of data trail that the cryptocurrency can leave, as it changes hands through a range of electronic devices and platforms.

"Of course the inter-departmental study group of the Reserve Bank of India would examine all the safety aspects when it starts work on exploration of the cryptocurrency which has been introduced by private parties in several parts of the world and has attracted a lot of attention. The need for safety is highlighted more by the recent and serious incidents of breach of the Facebook data of as many as 87 million users all over the world," said the chamber.

The ASSOCHAM Secretary General D S Rawat said, "though the number of users affected by the Facebook data breach is less at about half a million in India, more and more Indians are going digital. While we cannot isolate ourselves from the ever-rising number of technology platforms, each and every individual who would be using the virtual currency must be protected against fraud, data leak etc."

It goes without saying that the liability of the RBI, as is the case with the hard currency, would be clearly defined in the case of virtual currencies as well.

"Different situations of usage of the virtual currency have to be simulated," said the ASSOCHAM.

However, it must be stated that it is quite pragmatic and courageous of the RBI to initiate exploratory steps towards the world of virtual currencies.

"A high level of coordination among all the central banks would be required along setting up some kind of a global oversight to guard against misuse of the new currency by the anti-social elements, terrorists, enemy countries," the chamber said.

The burning issue of privacy which is being debated and adjudicated by the Supreme Court would also need to be examined thoroughly from legal and other angles.

Besides, the users need to be educated enough and a great amount of interface with departments like the tax authorities would be required for the launch of the new currency, as and when it happens.

"Thus, the inter-departmental committee of the RBI can even think of expanding its scope and consider the presence of even private sector experts in the areas of cybersecurity, technology platforms and defence related strategic issues," the ASSOCHAM concluded.

On April 5, after the Monetary Policy Committee (MPC) meeting, the Reserve Bank of India (RBI) had announced reviewing the feasibility of introducing a central bank digital currency.

The Reserve Bank stated that the newly-formed committee would be submitting a report on the aforementioned matter by the end of June this year.

The central bank, however, reiterated that although technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system, Virtual Currencies (VCs), also referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.

A A
       BUSINESS
Next Article: Blackmoney SIT reviews cryptocurrencies; directs clampdown
 
 
BUSINESS HEADLINES
India prepared to impose 'safeguards' if steel imports rise: government source  
Nickel falls on lower demand  
May announces new 2 bn pounds UK-Italian fighter jet project  
Infosys shares soar 6% after Q1 earnings  
Rupee slips 6 paise against US dollar  
Niti Aayog working on proposal to replace LPG subsidy with cooking subsidy: Kumar  
India to be $10 trillion economy by 2030: Garg  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
India to be $10 trillion economy by 2030: Garg  
Markets slip from record to end flat on profit-booking  
Markets slip from record to end flat on profit-booking  
No question of closure of DCI; 3 ports to pick up govt stake: Gadkari  
Retail inflation rises to 5 percent in June  
Retail inflation soars to 5% in June, IIP presides to 3.2% in May  
Indian Army signs MoU with SBI on salary package  
US dollar ends sharply lower against rupee  
Gold, silver recover on mild demand  
BSNL starts first internet telephony service in India  
Sensex nears all-time high; TCS shines on Q1 show  
Gold futures gain 0.06% on global cues  
Goyal asks Coal India to ensure supply for power sector  
Grex Alternative Investments Market looks to raise $100 mln  
Cong targets PM over fall in value of Rupee  
Set up central agency to evaluate big loan proposals: ICAI  
Modi govt needs to shed 'obsession' with economic growth: Jean Dreze  
 
Do you approve of Yuva Morcha men vandalising Shashi Tharoor's office?
Yes
 
No
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy