Penalty on Bitcoin collection? Govt to discuss in today's Cabinet meet

The Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi, will meet later in the day to discuss regulating the cryptocurrencies.

Unregulated money collection schemes such as Bitcoin or other cryptocurrencies may attract punitive action, sources said.

In the meeting, the cabinet may approve banning the unregulated deposits scheme bill 2018. Chit fund amendment bill 2018 may also get an approval.

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Modification of coal mines auctions is also on the agenda, while Dam safety bill 2018 may get legal cover for resolution of Mahanadi water dispute.

A tribunal may also be setup for resolution of the same. Odisha Government had demanded for setting up a tribunal.

Overseas, jolted by the global investment craze over bitcoin and other cryptocurrencies, US lawmakers are moving to consider new rules that could impose stricter federal oversight on the emerging asset class, several top lawmakers told Reuters.

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Bipartisan momentum is growing in the Senate and House of Representatives for action to address the risks posed by virtual currencies to investors and the financial system, they said. 

Even free-market Republican conservatives, normally wary of government red tape, said regulation could be needed if cryptocurrencies threaten the US economy.