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) $7,109.28 (-0.07%)
  • Ethereum (ETH) $142.09 (+0.05%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.60 (-0.12%)
  • Litecoin (LTC) $43.31 (-1.20%)
  • Bitcoin (BTC) $7,109.28 (-0.07%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft