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Centre may allow crypto tokens for financial transactions

DNMUM420006 | 8/10/2018 | Author : Anjul Tomar | WC :614



New Delhi: The government is considering launching crypto tokens for financial transactions in the country, even as the existing ban on cryptocurrencies is likely to continue, sources said.
A committee studying the use of crypto assets is working on a set of regulations, and specific actions, including a roadmap for allowing cryptocurrencies in future.
Once the draft regulations are ready and legally vetted, it will be tabled before Parliament, sources said.
Unlike virtual or cryptocurrency, which is treated as an equivalent of money, crypto token is a representation of money. It can’t be used in place of fiat money. Crypto tokens are based on block chain application.
“The committee is examining if crypto tokens can be used to
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