Categories: Bitcoin Business

Bitcoin Not Banned in India, Finance Minister Tells Parliament

Click here to view original web page at www.newsbtc.com

Holding or trading cryptocurrencies like bitcoin is not banned in India, union minister Anurag Singh Thakur told the upper house of Indian parliament.

The Minister of State to Ministry of Finance said the issues of permitting the trading of/in cryptocurrencies remains under examination of a government-appointed interministerial committee. He stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of bitcoin and other similar coins. Nevertheless, only a final report from the committee could shed more light on the final status of such nascent asset class.

“Presently, there is no separate law for dealing with issues relating to cryptocurrencies,” wrore Thakur in his response. “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.”

Bitcoin Remains Lawless in India, Not Banned: Source: Government of India

Globally Acceptable Solution

The response followed Bloomberg Quint’s coverage based on an alleged crypto ban draft, which mentioned that the government would sentence crypto traders with a ten year jail time. This week, New Delhi-based lawyer Varun Sethi shared a leaked page from the same draft, which clarified that the Indian government was planning a crackdown on cryptocurrency traders. Nevertheless, Sethi doubted the authenticity of the leaked excerpt.

The complete draft of the ALLEGED #Banning of #CryptoCurrency and Regulation of Official #Digital Currency #Bill 2019 #Indiahttps://t.co/DylAkMcEf4

What are #community comments ?

— Varun | Blockchain Lawyer (@Blockchainlaw91) July 15, 2019

In a separate letter submitted to the Ministry of Corporate Affairs, Thakur said the interministerial committee needs to devise a technically feasible solution that caters to global regulators. Excerpts from his response:

“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorising any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”

Supreme Court Hearing

The reply appears ahead of the next Supreme Court hearing of the so-called Crypto vs. RBI on July 23. Following the central bank’s blanket ban on bitcoin trading, the Indian crypto companies filed a case against the federal organization for misusing its position. The legal fight, initiated in July 2018, suffered significant delays due to several technical matters. In the last hearing, which was held on April 2019, the Supreme Court decided to hear the final arguments following the summer holidays.

The next hearing could have the interministerial committee submit its crypto draft before the court. If its the same document cited by Bloomberg Quint, the holding and trading of cryptocurrencies will be banned in India.

The Minister of State to Ministry of […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

55 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

56 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

56 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

56 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

56 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

57 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More