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Sebi in talks with govt, RBI to formulate framework for regulating bitcoin

India currently has no regulation for cryptocurrencies

Reuters  |  Mumbai 

The logo of the Securities and Exchange Board of India (SEBI) is pictured on the premises of its headquarters in Mumbai (Photo: Reuters)

India's capital market regulator is in talks with the government and central bank about how to regulate cryptocurrencies, its chairman said on Wednesday.

The (SEBI), plus officials from the Ministry of Finance, Ministry of Electronics and Information Technology and the (RBI), are on a panel tasked with determining the legal oversight for such as bitcoin, Chairman said.

"There has to be a process or law, only then can you take action," Tyagi told reporters on the sidelines of a Confederation of Indian Industry conference in Mumbai.

India currently has no regulation for cryptocurrencies, and like other global policymakers, it is seeking to understand how to supervise a market that many feel is a speculative bubble.

Earlier this month, the said it was concerned about India's central tax authority is also surveying exchanges to find out whether it can tax any transactions.

First Published: Wed, December 20 2017. 16:19 IST