The letter reads, “Inter-ministerial committee (IMC) constituted under the chairmanship of secretary economic affairs to study the issues related to virtual currencies(VCs) and propose specifications to be taken in this matter recommended in its report that all private cryptocurrencies except any cryptocurrency issued by the State, be prohibited in India. Further, the committee was of the view that it would be advisable to have an open mind regarding the introduction of an official digital currency in India. The government would take a decision on the recommendation of the IMC and the legislative proposal, if any, would be introduced in the parliament following the process”.
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