Copy link
Increase text size
Decrease text size
Link copied

No official ban on cryptocurrency yet, Indian Minister clarifies

Cryptocurrency.Crypto360/Flickr

Mon, 22 Jul 2019, 05:41 am UTC

A government official of India recently stepped up to address the concerns with regards to its treatment of cryptocurrency and said that there is no official ban in place just yet.

Local news outlet Inc42 recently reported that the Minister of State for Finance, Anurag Thakur responded to a question raised in Rajya Sabha, the upper house of the Indian Parliament, on the matter of whether cryptocurrency is banned in India. He responded that, as of now, at least, this is not the case.

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” Thakur said and later added, “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.”

In a statement given on July 16, Thakur had said that the inter-ministerial committee led by the Indian Department of Economic Affairs (DEA) secretary Subhash Chandra Garg had submitted its report on crypto regulatory recommendations between July 8 and July 16. However, this was countered by another official in the DEA who said that no such report has been submitted between the said timeline.

As such, the status of the report being developed by the inter-ministerial committee remains uncertain at the moment. That said, an unverified copy of a draft bill, entitled “Banning of Crypto Currency & Regulation of Office Digital Currency Bill 2019,” which seeks to ban cryptocurrencies in India recently surfaced online.

The bill aims to completely ban the use of cryptocurrencies as a medium of exchange, store of value, and/or unit of account in the country. It also prohibits its use as legal tender at any place in India.

Meanwhile, the Supreme Court of India, the country’s apex court, is scheduled to hear the ongoing crypto case tomorrow, July 23. The case was filed after the Reserve Bank of India imposed a banking ban last year to curb cryptocurrency-related activities in the country.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,252.00 (+0.75%)
  • Ethereum (ETH) $145.65 (+1.98%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $208.18 (+0.62%)
  • Litecoin (LTC) $44.10 (+0.49%)
  • Bitcoin (BTC) $7,252.00 (+0.75%)
Dec 12, 2019 (Thursday)
15:04
Binance launches Latin American fiat gateway; adds new fiat payment options
14:12
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
14:12
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:48
Crypto Technicals: Tezos (XTZ) bucks bearish crypto market trend, grinds higher with strong bullish momentum
11:48
Blockchain startup Digital Asset secures $35M in Series C round
10:53
Crypto Technicals: DASH/USD finds no respite from bears, set to hit fresh record lows
10:19
New York regulator publishes proposed guidance to modify BitLicense
08:40
Consensys shuts down India, Philippine offices; 11 people axed by the closure
07:43
SEC chairman says DLT can foster capital growth; Revealed that agency has been studying digital assets
06:47
Crypto Technicals: XRP/USD capped at 20-DMA, on track to test trendline support at 0.1975
06:47
Napoleon Bitcoin Fund launches in France to cater institutional investors
06:39
Digital assets are here to stay; State Street survey reveals continued institutional interest
06:03
Crypto Technicals: ETH/USD dips below 140 mark, eyes trendline support at 132
05:37
Enterprise Ethereum Alliance, Chamber of Digital Commerce partner on tokenization efforts
04:42
Square Crypto awards grant to pseudonymous Lightning contributor ‘ZmnSCPxj’
04:42
Crypto Technicals: Bitcoin hits 2-week lows below $7100, bearish bias with rising volatility to see more weakness
03:35
Russian power grid company to use blockchain technology to solve massive energy debt issue
03:14
Elliptic launches a risk-assessment tool for banks to identify trustworthy crypto exchanges
Dec 11, 2019 (Wednesday)
12:54
Wu Jihan once again takes over the helm at Bitmain as CEO
12:36
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft