SEBI (Securities and Exchange Board of India) wants to ensure that bitcoins and other crypto-currencies are not used as a means of diverting money or finance illegal activities via the market of virtual currencies. The regulator of the market of crypto-currencies is in the process of putting in place systems to regulate the market of bitcoin in the country.
At their first meeting, which was held on 19 September, the members of the committee, the SEBI had discussed how to regulate the transactions of bitcoins. Their goal is to ensure that indian law is respected.
Limit the different risks of fraud
The SEBI is constituted of different members, including employees of the indian central bank. They fear that, through the exchange of bitcoins, people are at risk of violating the standards of private placement by collecting money from more than 200 individuals. The regulator has highlighted the presence of numerous web sites and mobile applications, which use bitcoins as means of payment.
Zebpay Bitcoin India is one of the Android apps are the most well-known, and is specialized in the transactions of bitcoins. An audit must be carried out to control these exchanges of crypto-currencies.
The Bitcoin, the first crypto-currency decentralized
The bitcoin was created in 2009. It is also the first crypto-currency. These virtual currencies allow you to create a portfolio of crypto-currencies and pay a person or a business by digital means.
In addition, the crypto-currency allows you to freely collect money from over 200 investors during a financial year. This sector is not yet subject to regulation. Gains realized through transactions of crypto-currencies are not taxed, because the real source of the gain is unknown. In fact, the market of crypto-currencies is independent of the banking systems in the traditional sense.