It was just recently when the finance minister of India moved ahead to term cryptocurrency an illegal tender. The plan at the moment is to come up with a central repository of users that will help create as well as maintain a real time record of transactions.

It will be much easier to trace the purchase data of buyers and sellers of the virtual currency through either the Permanent Account Number or the Aadhaar ID of the user. Details such as the pattern of buying as well as the total number of the crypto currencies held will be made available through the central repository and this information was unveiled by a top industry member.

The head of The Blockchain and Cryptocurrency of the Internet and Mobile Association of India Ajeet Khurana said that the proposal at hand was what they were planning to submit to the government committee which is scrutinizing the issue of cryptocurrrency. At the moment, the committee has seven cyrptocurrency exchanges which is the same number to that of its members.

It was in a recent interview that Khurana outlined that BACC was aiming to submit its proposal to the government committee which is currently headed by Economic Affairs Secretary SC Garg. If all moves according to plan, it should have accomplished that before this week ends. By March, it is expected that the government panel will have moved ahead to appoint a regulator who will be entrusted with the monitoring of the cryptocurrencies.