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Bitcoin is not Ban in India yet - Finance Ministry, Government of India

Minister of State Finance Ministry Mr. Anurag Singh Thakur replied to the question asked on prohibition of crypto currency in the country

There is an important update coming from India regarding cryptocurrency ban in the country. There were rumours going around that Government of India has banned the cryptocurrency. But as per the latest update dated 16 July from the Finance Ministry Government of India, Cryptocurrency is not yet ban in the country.

Finance ministry submitted a reply to the question asked in upper house of the Parliament in Rajya Sabha. The member of Rajya Sabha, Mr. Dharmapuri Srinivas asked five question about the cryptocurrencies.

a) 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 crypto currency in the market?

And from the Finance Ministry, Mr. Anurag Singh Thakur ( Minister of State - Finance Ministry ) replied to all the questions

Answers given by him

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.

e) 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.

Finally, after the reply from the government, now we have a clarity in India that holding, trading & mining Bitcoin & Cryptocurrencies still not ban.

One more point to be noted is that on 23rd of July there is a Supreme court hearing regarding the cryptocurrencies issues. It will be interesting to see the judgment from the Supreme court as last time court has asked government to take action and clear its stand on this matter.


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