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Indian Government Has Not Prohibited Cryptocurrency

July 19, 2019 13:38
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It appears that there is a silver lining, in some form, in the Indian cryptocurrency community. One of the largest cryptocurrency community group in India, IndiaBits, uploaded a copy of questions put to Minister of State in Ministry of Finance, regarding the fate of cryptocurrencies in Rajya Sabha on Tuesday.

The questions asked by Dharmapuri Srinivas included, “whether Government has prohibited cryptocurrency in the country;whether Government has prohibited crypto currency in the country; b) if so, the details thereof; c) whether Government has taken note about prevalence of crypto currency in the country; d) if so, the details thereof; and e) the action taken against the persons who are responsible for running the cryptocurrency in the market?”

However, the response, which will please the Indian cryptocurrency community, said, “a) & b) No, Sir.a) & b) No, Sir. c) & d) Taking note of the issue, the Government has constituted an Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary (EA). The IMC has submitted the Report to the Government.”

Minister of State in Ministry of Finance, Anurag Singh Thakur further added, ” Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws. Similarly, police/courts take action on IPC offences. Further, in view of the risks and dangers associated with cryptocurrencies, Government and RBI have been issuing advisories, press releases and circulars to the public.”

Recently, a proposed bill calling for ban of cryptocurrency trading was doing the rounds, which had disheartened the Indian community. However, with this questionnaire and its answers, the morale of the community may be raised slightly.

Hopefully, everything will be clearer by July 23, which is when the court hearing in the cryptocurrency case is scheduled to happen. I wouldn’t bet on it though. Seen too many adjournments to believe that this is the D-day,

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