Govt maintains no data related to cryptocurrencies like Bitcoin: MoS FIn Min

The government does not maintain any data related to virtual currencies such as Bitcoin, Minister of State for Finance Pon Radhakrishnan said today.

In a written reply to the Lok Sabha, Radhakrishnan also said a committee constituted by the Department of Economic Affairs to take stock of the present status of virtual currencies in India and globally has submitted its report.

The panel had asked to examine existing global regulatory and legal structures governing virtual currencies and suggest the framework for regulation of these currencies, the minister said.

The minister was replying to a question whether crypto-currencies such as Bitcoins are used increasingly during the past few years and if the government has received any complaint regarding mis-use of virtual currencies.

The minister further said the Reserve Bank has also cautioned from time to time to users, holders and traders of virtual currencies about the potential financial, operational, legal and security related risks.