Minister of State in Ministry of Finance Mr. Anurag Thakur has replied to the questions asked in upper house of the parliament.
On 23rd July 2019, Member of Parliament, Minister of State in Ministry of Finance Mr. Anurag Thakur answered to the question asked by Member of Parliament, Rajya Sabha Mr. R. K Sinha on law for banning usage of crypto currency.
Four questions asked by Mr. Sinha,
a) whether Government has taken notice of the growing popularity of crypto currency
Ans. Yes, Sir.
b) whether it is a fact that the crypto currency is primarily used for secret/illegal activities Ans. Crypto currency can be used for secret and illegal activities, but there is no data to corroborate that it is primarily being used for such activities. Important thing to notice in the second answer is that, it is clear that government also accept that there is no data which can confirm that crypto currency is primarily used for secret/illegal activities.
c) if so, the steps being taken by Government to put a check on the usage of crypto currency in India; and
d) whether Government is considering to bring any law or Act for prevention of the usage of crypto currency? Ans. 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. The Government is examining the draft Report and Bill submitted by the Committee. However, at present, there is no separate law for dealing with issues relating to cryptocurrencies.
It is clear with the answers given by the Minister of State in Ministry of Finance, that crypto currency is not banned in India yet. It is getting examined by the government to take final decision on it. Before taking final decision, government will also consult all the related departments.
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This should not be treated as financial advice.